#1
Which economic system dominated the United States in the 19th century?
Capitalism
ExplanationCapitalism dominated the 19th-century U.S., emphasizing private ownership, free markets, and limited government intervention.
#2
What was the main source of economic growth in 19th-century America?
Manufacturing
ExplanationManufacturing drove economic growth in 19th-century America, fostering industrialization and development.
#3
Which invention revolutionized transportation in 19th-century America?
Steam engine
ExplanationThe steam engine revolutionized transportation in 19th-century America, powering locomotives and steamboats, transforming the movement of goods and people.
#4
What was the significance of the Erie Canal in the 19th-century American economy?
It connected the Great Lakes to the Atlantic Ocean, boosting trade.
ExplanationThe Erie Canal's significance in the 19th-century American economy lies in connecting the Great Lakes to the Atlantic Ocean, facilitating trade and economic growth.
#5
What was the impact of the cotton gin on the economy of the Southern United States in the 19th century?
It increased the demand for slaves.
ExplanationThe cotton gin's impact on the Southern U.S. economy in the 19th century was significant, increasing the demand for slaves due to expanded cotton production.
#6
Which economic concept refers to the practice of combining multiple businesses in the same industry under a single corporate entity?
Conglomerate
ExplanationThe economic concept of conglomerate involves combining multiple businesses in the same industry under a single corporate entity, fostering consolidation.
#7
Which event in the 19th century led to a significant expansion of the American economy?
Louisiana Purchase
ExplanationThe Louisiana Purchase in the 19th century greatly expanded the American economy, opening vast new territories for settlement and trade.
#8
What was the main challenge faced by workers in 19th-century America?
Unsafe working conditions
ExplanationWorkers in 19th-century America faced unsafe working conditions, contributing to labor struggles and movements for better conditions.
#9
Which economic theory advocated for minimal government intervention in the economy during the 19th century?
Laissez-faire
ExplanationLaissez-faire, an economic theory, advocated minimal government intervention in the 19th-century economy, emphasizing free markets and individual enterprise.
#10
What impact did the California Gold Rush of 1849 have on the American economy?
It caused a population boom in California.
ExplanationThe California Gold Rush of 1849 caused a population boom in California, influencing economic and social dynamics in the region.
#11
What role did railroads play in the economic development of the United States in the 19th century?
They facilitated the movement of goods and people, spurring economic growth.
ExplanationRailroads played a crucial role in the 19th-century U.S. economic development by facilitating the movement of goods and people, contributing to economic growth.
#12
Which economic theory, advocated by Thomas Malthus, suggests that population growth tends to outpace food production, leading to poverty and famine?
Malthusianism
ExplanationMalthusianism, advocated by Thomas Malthus, suggests that population growth tends to outpace food production, leading to poverty and famine, reflecting concerns about overpopulation.
#13
Who was the author of 'The Wealth of Nations', a book that heavily influenced economic thought in 19th-century America?
Adam Smith
ExplanationAdam Smith, the author of 'The Wealth of Nations,' significantly influenced 19th-century American economic thought with his ideas on free markets and capitalism.
#14
Who coined the term 'Manifest Destiny', which influenced American economic expansion in the 19th century?
John O'Sullivan
ExplanationJohn O'Sullivan coined the term 'Manifest Destiny,' which influenced American economic expansion by justifying territorial acquisition and westward expansion.
#15
Who was the president during the Panic of 1837, one of the most severe economic crises in 19th-century America?
Martin Van Buren
ExplanationMartin Van Buren was the president during the Panic of 1837, one of the most severe economic crises in 19th-century America.
#16
Who was the economist known for his theory of comparative advantage, which became influential in 19th-century international trade?
David Ricardo
ExplanationDavid Ricardo, the economist, was known for his theory of comparative advantage, which became influential in 19th-century international trade, emphasizing specialization and efficiency.
#17
Who was the author of 'Progress and Poverty', a book that critiqued the unequal distribution of wealth in industrial societies?
Henry George
ExplanationHenry George, the author of 'Progress and Poverty,' critiqued the unequal distribution of wealth in industrial societies in the 19th century.