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SOL REVIEW

SOL REVIEW. Economic History. What was the major reason for the settlement of Virginia and the other Southern colonies?. Economic Opportunity. What became the cash crop of the Virginia colony?. Tobacco. Name four characteristics of the economy of the New England colonies?. Shipbuilding

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SOL REVIEW

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  1. SOL REVIEW Economic History

  2. What was the major reason for the settlement of Virginia and the other Southern colonies? • Economic Opportunity

  3. What became the cash crop of the Virginia colony? • Tobacco

  4. Name four characteristics of the economy of the New England colonies? • Shipbuilding • Fishing • Lumbering • Subsistence Farming

  5. Name three characteristics of the economy of the Middle Colonies? • Shipbuilding • Small farms • Trading

  6. What was the economic basis of the Southern colonies? • Cash crops raised on large Plantations

  7. What were the three cash crops of the Southern colonies? • Tobacco • Rice • Indigo

  8. What were the two cash crops in South Carolina? • Rice • Indigo

  9. Which English colonies believed in private property and free enterprise (profit)? • ALL

  10. What is a tariff? • A tax on imports

  11. What is another name for a tariff? • Customs Duty

  12. What is revenue? • Tax Money

  13. What is a monopoly? • Complete Control • Absence of Competition • No Competition

  14. What does interstate commercemean? • Trade between states

  15. What were two trends in American life during the first half of the 19th century? • Westward Movement • Economic Development

  16. What two transportation improvements encourage westward movement and economic development? • Canals • Railroads

  17. Who invented the cotton gin? • Eli Whitney

  18. What did the cotton gin cause to spread throughout the Deep South? • The “Cotton Kingdom” based on African-American slavery

  19. Did the cotton gin increase or decrease the demand for slaves? • Increased

  20. Between 1800 and 1850, what region developed an industrial economy based on manufacturing? • The North

  21. Between 1800 and 1850, what region developed an industrial economy based on manufacturing? • The North

  22. Which region favored high protective tariffs? • The North

  23. Define protective tariffs. • Taxes on imports which are so high that Americans cannot afford to buy foreign goods

  24. What was the basis of the South’s economy? • Agriculture (Farming) • Plantations that used slave labor

  25. Did the South support or oppose high tariffs? • Opposed

  26. Why did the South oppose high tariffs? • Made manufactured goods more expensive

  27. What were economic and social results of Reconstruction? • South was devastated and bitter. • North and Midwest had strong industrial economies.

  28. What transportation improvement was completed in 1869? • 1st Transcontinental Railroad

  29. What did the transcontinental railroad do? • Linked the Atlantic and Pacific Oceans by Rail

  30. What was the 1862 Homestead Act? • Law that gave freepublicland to settlers in the western territories • Settlers promised to live on and farm this land for five years

  31. What 2 new technologies in the late 19th century opened new Western lands? • Railroads • Mechanical Reaper: harvested wheat

  32. What did Chinese immigrants help build? • Transcontinental railroad

  33. What are two advantages of a corporation? • 1) Raise capital; 2) Limited Liability

  34. What 18th century Scottish philosopher developed the laissez faire economic theory? • Adam Smith

  35. Who wrote Wealth of Nations? • Adam Smith

  36. What does laissez faire mean? • An economic philosophy that says government should leave business alone; let business do what it wants. Government should neither help nor hinder business.

  37. What does anti-trust mean? • Anti-monopoly

  38. What was the major weakness in the Sherman Anti-Trust Act? • The wording was toovague.

  39. What is a labor union? • An organization of workers

  40. In what major strike in the 1890s was the American Railway Union involved? • The Pullman Strike

  41. Who won the Pullman Strike? The Pullman Company or the American Railway Union • the Pullman Company

  42. What labor union was involved in the 1892 Homestead Steel Strike? • The AF of L (American Federation of Labor)

  43. What union was blamed for the 1886 Haymarket Riot in Chicago? • The Knights of Labor

  44. What did the term “trust” mean during the late 19th and early 20th centuries? • A business monopoly

  45. What does the term monopoly mean? • Absence of Competition

  46. What industry was made more efficient by the development of the Bessemer process? • Steel

  47. Which side did government take in both the Haymarket Riot and the Pullman Strike? Big Business or Labor? • Big Business

  48. Define imperialism. • One country gaining political or economic control over another country

  49. What was the Open Door Policy? • All nations would have equal trading rights in China

  50. What president was known for Dollar Diplomacy? • William Howard Taft

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