Prominent Figures and Economic Trends in 19th Century America Quiz

Samuel Slater is credited as the 'Father of the American Industrial Revolution' for his role in establishing the first successful cotton-spinning factory in the United States.

Agriculture dominated the Southern United States in the 19th century, with a reliance on cash crops such as cotton, tobacco, and rice.

Abraham Lincoln was a prominent advocate for the abolition of slavery and later became the 16th President of the United States.

The Erie Canal, completed in 1825, significantly reduced transportation costs and time between the Eastern seaboard and the western interior of the United States.

Thomas Jefferson was the primary author of the Declaration of Independence and later served as the third President of the United States.

Adam Smith authored 'The Wealth of Nations,' a seminal work that laid the foundation for classical economics.

Classical economics advocates minimal government intervention in the economy, emphasizing free markets and individual self-interest.

Asymmetric information occurs when one party in a transaction possesses more information than the other, leading to potential market inefficiencies.

Martin Van Buren was the President of the United States during the Panic of 1837, a severe economic depression marked by bank failures and unemployment.

Fiscal policy argues for government spending increases during economic downturns to stimulate demand and counteract recessions.

John D. Rockefeller founded Standard Oil, which grew to become the largest oil refinery in the world, dominating the oil industry.