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Unformatted text preview: Ecn 111A - Economic History of the United States University of California - Davis April 21, 2010 Instructor: John Parman Midterm 1 - Solutions You have until 10:50am to complete the exam, be certain to use your time wisely. For multiple choice questions, mark your answer on your scantron sheet. Choose only one answer for each multiple choice question; if more than one letter is chosen for a question it will be marked wrong. Write your answers for the essay section directly on the exam. Calculators may not be used. Remember to put your name and ID number on both the exam (in the spaces provided below) and on the scantron sheet. Good luck! Name: ID Number: Section: SECTION I: MULTIPLE CHOICE (60 points) 1. Suppose that after the age of 30, workers get less productive as they get older. We would expect the contract for an indentured servant emigrating at age 35 to be: (a) Longer than the contract for an indentured servant emigrating at the age of 40. (b) The same length as the contract for an indentured servant emigrating at the age of 40. (c) Longer than the contract for an indentured servant emigrating at the age of 30. (d) The same length as the contract for an indentured servant emigrating at the age of 30. (c) The 35-year-old will be less productive than the 30-year-old. Therefore it will take more years for the 35-year-old to work off the cost of passage than the 30-year- old. 2. The ability of the federal government to establish the First Bank of the United States: (a) Was explicitly granted by the Constitution. (b) Was an ‘implied power’ according to Hamilton. (c) Was a key provision of the Articles of Confederation. (d) Was granted by Congress in response to the financial panic of 1907. (b) Nothing in the Constitution specifically grants the federal government the ability to create a national bank. However, nothing specifically forbids it. Hamilton argued that it was reasonable to assume that the government had a right to exercise implied powers (like the creation of a national bank) that weren’t specifically enumerated in the Constitution. 3. Colonial America: (a) Was stuck in a Malthusian Trap because it had rapid population growth. (b) Escaped the Malthusian Trap because it had slow population growth. (c) Was stuck in a Malthusian Trap because of a shortage of labor. (d) Escaped the Malthusian Trap because it had abundant natural resources. (d) What allowed the colonial economy to escape the Malthusian trap was the availability of nearly unlimited natural resources. Because there were always more 2 Midterm 1 - Solutions resources available, the colonies did not experience the diminishing marginal prod- uct of labor that would ordinarily keep output per worker from steadily growing as population grows....
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This note was uploaded on 04/27/2010 for the course ECN 111a taught by Professor Parman during the Spring '10 term at UC Davis.
- Spring '10