USA Economy History Questions
- Describe the characteristics of an individual that would be more inclined to sign an indentured contract. What was the incentive for signing an indentured contract. What was the opportunity cost?
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Suppose it takes New England two hours to produce a bushel of corn and six hours to produce a bushel of wheat. What is New England’s opportunity cost of producing a bushels of corn?
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How did the concept of strict constructionism affect the development of banking and transportation during the antebellum years?
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What problems arose with the use of commodity money during the colonial years? How does fiat currency differ from commodity money?
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If the market ratio of silver to gold is 14 to 1 and the mint ratio is 12 to 1, which will circulate as money? Explain.
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How did the low female-to-male wage ratio in New England foster industrialization in the United States.
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How did the American Tobacco Company use its monopsonistic power to its advantage?
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Use the theatres as an example to explain the economic justification for discriminatory pricing.
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You have organized your business as a sole proprietor. What two disadvantages might you encounter that the corporate form would not?
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Differentiate between intrastate commerce and interstate commerce. What role did one, or both, play in Munn v. Illinois 1877 and Wabash v. Illinois 1866?
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