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305FinalExamPractice1 - Final Exam Practice Test#1 American...

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1 Final Exam, Practice Test #1 American Economic History. Professor Rockoff The correct answers are at the end of the exam. The course changes from semester to semester, so some topics covered on this exam will not be covered on the final this semester, and some of the topics covered on this semester's final will not be covered on this practice test. The actual test this semester will be a bit longer than this practice exam. Instructions. Answer the questions by marking the correct choice on your scantron. Be sure to write Version A on your scantron. There is one best answer to each question in the sense of the one that is generally true in the light of the class discussion. The questions are not intended to trick you, but to see if you remember the most important ideas. Name ___________________________________________________ Rutgers ID# _____________________________________________________ 1. According to the lecture and the text the federal government's first foray into land policy, the Land Ordinance of 1785, reflected ___. a. the liberal philosophy that land should be distributed quickly to farmers b. the liberal philosophy that substantial tracts of land should be reserved for the poor c. the conservative philoposphy that land should be reserved for native born farmers d. the conservative philosophy that the price of a farm should be high, and land sales a major source of revenue f. this was from the beginning of the semester -- unfair 2. According to the lecture and the text the most important variable determining the volume of land sales in the Midwest and the South during the antebellum period was probably 3. Consider the following diagram, which shows the supply of, and demand for land in a western county in the 1850s.
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2 The amount of land in the county is DF and the price currently set by the government is BD. If the price were lowered to zero, what would be the change in government revenues? 4. The "safety valve," when the term is applied to nineteenth century America, refers to the idea that ___.
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