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Economics 1740 VERSION A - MARK ON YOUR SCANTRON ANSWER SHEET

Fall, 2002

Dr. Alston , Quiz #7, Walton and Rockoff, Chapters 13 & 14
1. New Jersey adopted a policy of gradual emancipation that freed male slaves when they reached age 25. This policy meant that slave owners earned a rate of return

a. of zero, because profits during the slave's working years about equaled the costs of rearing a slave.

b. that was about equal to the normal return, because the profits earned up to age 25 exceeded rearing costs by a substantial margin.

c. a very high rate of return because slaves were generally unproductive after their peak years.

d. that cannot be calculated because of a lack of data.
2. According to Walton and Rockoff, large slave plantations were _____ efficient than farms without slaves because (among several reasons) _______.

a. more; the great intensity per hour with which slaves were forced to worked.

b. more; large plantation owners used political power to control the best land

c. less; free men work harder than slaves

d. less; slaves frequently sabotaged production
3 In examining incomes of free Southerners prior to the Civil War, Walton and Rockoff conclude that compared with northerners free Southerners were

a. generally far poorer than northerners and falling further behind.

b. generally far poorer than northerners, except in the old South.

c. generally doing fairly well, even in the old South.

d. far richer than northerners but a downward trend was noticeable.
4. Which statement is most accurate about the United States between 1800-1860?

a. New states were always permitted to choose whether they wanted to be free or slave states.

b. Slaves were prohibited from the western territories and new states.

c. The threat of having their jobs replaced by slaves led many southerners to unionize.

d. The total value of slaves in the United States increased substantially after the slave trade was stopped in the early 1800s.
5. The text compares two studies on the profitability of slavery, one by Phillips and the other by Conrad and Meyer. The main reason for the difference in their results is

a. Phillips failed to account for the effect of rising marginal product on profitability.

b. Conrad and Meyer had better data on slave prices.

c. Conrad and Meyer used data from both northern and southern farms.

d. Phillips assumed that cotton prices were falling during the antebellum period.
6. Disadvantages faced by the South in fighting the Civil War include

a. an inadequate supply of free, military-aged males.

b. limited industrial capacity.

c. shortages of horses and mules.

d. the lack of an effective administrative machinery for tax collection.

e. all of the above.


7. The Beard-Hacker Thesis claims that postbellum economic growth in the United States was

a. slowed by rapid immigration.

b. accelerated by rapid immigration from English-speaking countries.

c. slowed by the formation of industrial monopolies.

d. accelerated by economic and financial changes generated by the Civil War.
8. The Goldin and Lewis (1975) study of the costs of the Civil War

a. finds peaceful abolition of slavery would have been more costly than the War.

b. fails to include an estimate for the loss of human capital due to the War.

c. estimates the total cost of the War at more than double national income in 1860.

d. finds Northern property damage to be a major factor in the War's cost.
9. Which of the following is the best description of U.S. economic growth during the 1800s?

a. The annual growth rate for the 20 years preceding the Civil War was about the same as the annual growth rate from 1870-1899, while the growth rate during the Civil War was higher than either period.

b. The annual growth rate for the 20 years preceding the Civil War was lower than the annual growth rate from 1870-1899.

c. The annual growth rate for the 20 years preceding the Civil War was greater than the annual growth rate from 1870-1899.

10. What was not a reason for the decline of the Deep South between the Civil War and 1890?

a. elimination of economies of scale in the production process

b. an extended period of droughts and bad weather

c. significant withdrawal of labor from the fields, especially by women and children

d. increased competition from suppliers in other nations
ANSWERS: Quiz No. 7, Econ 1740 Fall, 2002, Walton and Rockoff, Chapters 13 & 14, Version A
1. ANSWER: b. that was about equal to the normal return, because the profits earned up to age 25 exceeded rearing costs by a substantial margin.

2. ANSWER: a. more; the great intensity per hour with which slaves were forced to worked.

3. ANSWER: c. generally doing fairly well, even in the old South.

4. ANSWER: d. The total value of slaves in the United States increased substantially after the slave trade was stopped in the early 1800s.

5. ANSWER: a. Phillips failed to account for the effect of rising marginal product on profitability.

6. ANSWER: e. all of the above.



7. ANSWER: d. accelerated by economic and financial changes generated by the Civil War.

8. ANSWER: c. estimates the total cost of the War at more than double national income in 1860.

9. ANSWER: c. The annual growth rate for the 20 years preceding the Civil War was greater than the annual growth rate from 1870-1899.

10. ANSWER: b. an extended period of droughts and bad weather



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