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Assignment 15

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1. Concerning land ownership, some of the characteristics of tenure in fee simple include

a) transferability
b) it could be inherited
c) it could be sold
d) the owner could waste the land if he wanted to
e) all of the above

2. In the U.S. capitalist system, what residual property rights does the government retain?

a) the power to tax
b) arbitrary expropriation of land without compensation
c) police power
d) both a and c
e) all of the above

3. When individuals or groups of individuals try to obtain special privileges from government, it is called

a) rent seeking
b) judicial instrumentalism
c) eminent domain
d) priority rights
e) ceteris paribus

4. Which of the following is not one of Jefferson's main ideas about public lands policy

a) the government should have no further tenure rights on land once it was secured by private individuals
b) the distribution of land should be proceeded by scientific survey
c) new territories would be eligible for statehood with the same rights as existing states
d) the government should oversee the use of any land it gave away for free

5. What drew settlers from the East to the West in the first half of the 19th century?

a) California beaches
b) Higher wages driven by an increase of available public land that increased the marginal product of labor in the West relative to the East.
c) Federalist land policy that maximized the sale of public lands, thus enabling western communities to pay higher wages to migrants
d) A depression that hit only the eastern U.S. , while western isolation mitigated its effects there.

6. Most current land debate issues revolve around

a) property rights on federal lands
b) property rights on private lands
c) the Federalist privatization scheme
d) the Anti-Federalist privatization scheme

7. Which of the following are examples of push factors causing immigration?

a) religious persecution
b) high wages
c) cheap land
d) none of the above
e) all of the above

8. Which of the following are examples of pull factors causing immigration?

a) religious freedom
b) high wages
c) cheap land
d) none of the above
e) all of the above

9. When did immigration in the U.S. peak?

a) 1846-1855
b) 1860-1900
c) 1901-1915
d) 1915-1975

10. What is intensive growth?

a) growth spurred by a matched increase in availability of all inputs
b) growth from other inputs, besides labor, that make labor relatively more valuable
c) the kind of growth that allows output per worker to increase
d) the kind of growth that keeps output per worker constant
e) both a. and d.
f) both b. and c.

11. The major anti-trust act(s) is (are) the

a) Sherman and Clayton Act
b) Fair Labor Standards Act
c) Wagner Act
d) Taft-Hartely Amendments

12. Which of the following is the correct explanation of the infant-industry argument
a) textiles used in infant clothing will propel the workforce, making it more competitive
b) new industries should be left to themselves so they can grow up
c) industries making goods that harm innocent civilians (e.g. infants) should be heavily regulated by government
d) the government should protect new industries from foreign competition until they have a chance to gain a comparative advantage

13. Which of the following represents the critique of the infant industry argument
a) they don't grow up
b) once government acts to resolve the problem, those actions are hard to phase out after the industry has grown up
c) there is a reduced incentive to become more efficient
d) all of the above

14. Human capital is
a) the total amount of capital owned by a human demographic
b) the size of the labor force
c) the idea that capitalism is the best way to organize economic activity
d) the knowledge, technology, and know-how embedded within the workforce

15. The American System heralded by Europeans in 1851 employed the new technique of
a) Eli Whitney's cotton gin
b) James Watt's steam engine
c) Interchangeable parts
d) Broadcast farming

16. The U.S. is relatively well-endowed with natural resources (timber, water, climate, etc.).
a) True
b) False

17. Self-selection means that emigrants represented the most ambitious and mobile workers from their country.
a) True
b) False

18. Emigrants take jobs from natives in the market for unskilled labor, because employers would rather have emigrants working than the natives.
a) True
b) False

19. Immigration has historically been a major source of U.S. population growth.
a) True
b) False

20. U.S. cotton textile output grew immensely between 1815 and 1860.
a) True
b) False

21. Without tariff protection, the U.S. cotton textile industry would never have grown and prospered to the extent that it did.
a) True
b) False

22. Evidence from American development suggests that less-developed countries may be able to borrow technology to spur faster economic growth.
a) True
b) False

23. The first industrial revolution started in the U.S.
a) True
b) False

24. The second industrial revolution started in the U.S.
a) True
b) False

25. Land is owned alloidally (i.e. by absolute right) in the United States .
a) True
b) False

 

Essay Questions

1. Define property rights and describe the rules governing them in the U.S.

2. What conclusions did Fogel and Engerman reach about slavery in the first half of the 19th century?

Copyright 2008, by the Contributing Authors. Cite/attribute Resource . admin. (2009, January 22). Assignment 15. Retrieved January 07, 2011, from Free Online Course Materials — USU OpenCourseWare Web site: http://ocw.usu.edu/economics/introduction-to-economics/Assignment15.htm. This work is licensed under a Creative Commons License Creative Commons License