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by: Eloise Smitham


Eloise Smitham
GPA 3.63


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This 31 page Study Guide was uploaded by Eloise Smitham on Saturday September 12, 2015. The Study Guide belongs to ECON 2200 at University of Georgia taught by Staff in Fall. Since its upload, it has received 29 views. For similar materials see /class/202516/econ-2200-university-of-georgia in Economcs at University of Georgia.


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Date Created: 09/12/15
i7 a i t 5 ECON2200 Mv WE IESTTSIUDY GUTDE k A 4 The study bf economic history offers benei391ts Lonbgtl1 historiarisoarideconnmiss 1 01001 Describe these bene ts quotRemember the quoterby William Parker that we discuss ed inquot l 1 VINO I 2 Why is the 1958 publication of a paper by Alfredl39Conradand John Meye39 often assbciatedwith the birth 39of39eeonomicfliistofy39Whiit topic IS addressed in their 39 quotWM Conra 39af d M productivity increase this investr erit is quite favorable paper Whyvgastheirtreatmentofithisiopiecontroversialand howdid their results differ from previous ndings including those of Phillips 1929 Exp ain th e assetpricing39quel39and39theliistbri lTia39taused by Conrad and Meyer to obtain theighesults quot I at eyer estir n a ted the profitability of slavery by comparing slavery s rate of remtothdrateo remmbnotherinvestrnentsBased onJhe marginalproductp erfslave rf m UBhillipsinl 92r9believedvthatslavery wasbecomingincreasinglylmpro table 39 due 39to the increasing price of slaves and the relatively stable price of cotton and therefore MW quot 5 slaVefy wouldquotd1e out on it s own 3 Conrad and Meyer used39the Asset Pricing Model which compared the Rate39 of Rejurnrjf i owmng slaves compared to the Rate of Returnnof other investinents This was di ferent in itsmethodology E 1 r I 1 What39are the primary features of cliometrics What is the f6cus of most 39 cliometric researclr r i 1 w t Cliometrics is the application of economic theory and models to study history B uses mathematical39conceptsdatagwe can use39the Scienti c MEth b39d39tFt t hypoth l a i a cause it ses The focus is the continuous search for new and better data GOAL tryir1gtounderstandeconomiCidevelopmentand whysomecount 39 develop faster and more successfully than others ies W 4Usethe5propositions foneconomiereasoningfromi onom icl Insightlrl m discussdescribe the e39conomic way of thinking A 139 J k I thices mst39s in en ves institutionsand ewdence matter m E 5 4r 5 L l E c People Will choose the most bene cial choices available Their choice will incur l like opportunity costs andthey will bas their decisions on inCentives and the n society ahd form opinions based on their knowledge and evidence r v n osts arms of k n a c s C 4 m 1 a I A g a I v quot J i 0quot L I i 5 gquot t c l g quot quot A r 39 cmnm Mr Mmquot95 r P 39 39 1 h l r 397 Fi 341016 3 313 1 x 4 r S I 3 0 W r x 39 39 y 39 g Iquot gr t y a 3 Mmrrmmnwhasi rmfaid 310d 3 323365 21333013012112mummyiawwmchgiz 51 5332891 3 m5 135155 nmill39zVf39 13 warp 35E I iiiflv m 23H rmd 533d gzirmgeu Y v 39 I Li If 3 4 a lt A quot I p g n F I a y a e a A v N h 39 C 1 f 39 J quot quot H v e m w 39 if m A 7v 619339195519 mm mmwwmn Ma a 25 15mm x m ninguxhgnqvgci i mi 2 155 5 V w ltA E n a 1V 1H 1 3 1531 53 13972531th 96 all 1353 3 133 CHIEJahlhlk qj 3 r ii 53 1quot up lfxnuurpm 3999quot 333i w im 536v rwmm wi39inni i 339ri 311931135 1 z sed39x mmM EW i wmsm quotMi niciq39xCS 36 3 HERB k tzg hghihgzhni agmbn a eei mvg writ quota ih mum quot s ninhm 1392an hm i i li f l jxi mama39s1mumjms i fixi 39imaiisippgsz gu ggvgima a g E m z smm 2mm 39 v a t a J a it 333 a39ymv e gn chnoz 1ng mafia so izitclnnimcyarir marzimilga m guiv i bris nm M Rain 9 553 3 1i Cd t xg t39frquotP 1MP 9 r mrqn 1m 95123 01 mm g 3id3m3931 1 93fth Ffzizg mwcini 2m gaapira39grziquotjiyimnbmq quot quotuquot t 39 w W Us 911 qitkka nmh Ewtgcgzarrrz zygh fm 139quot 3 hqj x v 9 N M n iirf i 5 i 39 a quot 83 L 1 xxstmsirh Ems 111303 3qu sfciwa 39b ufmomrh has aovrm 10 2mm 3a mm m 35 3 E L s T zww 2 1tmz3n 3 o scow wfwxm x W v a J 39 v L r v t 39 A 1 39 hp 7 r 39 r r a 1 33 nunv lot2831 am mmqmaz riuzriw inbuM 3mm 9 3amp2 13 9411 1323M Lay s Emma t J 39 7 33 Hrnd ib a39sw z in nauigasxm39sm xf39fu mpw 39to 1191 51 0 ban mics gawk gmn39m I k 4 39 v y L Q nkhitu w 393 v 39 m t x 11 915 39 I quot N a 3 1quot3 393 rt 31 quot4 gr quot r w quotWu my nquot P n f 320k 5 MEWS 9133 n 52 a11n013 30 3145 Haru w 233 1 n s h A L 39 r s A wiw n39jwftn f K v 1 x n 7 1 Aquot A h r14 h e 1 K r 1 n ii eansc 7 jnmeiri 25mm 039 afghan is film1 s rs39rurxeob39 0 nemateiiq gs 3d 31 f35 ig f r r 352315qu 123 m 9mm 1 gamma zuiuxw v tgtm KLJz 1 11131 ufrg g3 3 7 vi a r g g Q I 5 439 z 1 4 Eu 39 in r a r i 3mm sfmii39yD39w Wm 1m max moumnmg sdi a iilw39 an i up n m g a k x I I I quot 2 1L 39 39 I o 39 4quot i n 21133537 J32 j 1 3quot3F39 n mf1 mm mm m5IT Ea 013411321 135 MEN madmgsnd i aasaona mormbmz39 22135 39qr svs n 1 r r y L a N quot 39 q 391 ii fi inf5 ErsF cvd a Wt39tien a quotH31Vilnhi i m f i 95 531 y 1 L a quot h 7quot t 39 2s ugimkm if 53 gm nmunm r 5m atig rzr wh eagwa amp I n x c r x r 5 dquot k x r r r H hau i barf gmfm l tnc m 39i f Q39Sr H Qibgz39x m39n39nr t a 1 r A l v I I t y a a l A r V r an man i w minds 13541 3 f23f3953 r1 230103 momma2 mm am 920mm Hmyuqu g f n v V iquot Y39fLI39Zquot r quot9 9 5 warmm 2m buggy51113351 rm morazasmmrii s 53 zlw whbmi 320 iiizzximifqz taih 3 tr3539rfa bus agizslvri iani tic2511 m Lamd ari inkgej tz r innsESQ at z N 1 L s x F 39 K 3 J i 4 J 3 BJ 1 3 H mw w n 4 5 5 Ifthe annual growth rate of GDP is 25 percent about howimanyyears will it take for GDP to double What if the growth rate is 5 percent 10 percent V E 705 7y ears quot6 What does the term economic development status mean and how is it 707259o 2398 years 70 10 6 7 years 39 s measured D GDPaid39per fapita GDPian39d discussrecent39Uzsmata39on andgrowth rates ofeachHowdothese gurescomparetorecent datafrom ebuntries Do dataron levels and growth rates of GDP and per capita GD p1 levels 7 other 39ovide adequat i forma formeasuring economieLd lopment39sta tlTs Economic Development Status A ineasureinent logefthe overall wellbeing of the eople in a soc1ety It can be measured by growth r a tes and income per capita w M 39 onomy i GDP per dapita refers to the amount39per person I 39 about 2 The US has moderate and sustained growth GDP is the total dollar amount of all goods and services produced in a domestic e in a year w i k GDPghaseaveraged B grthh inthe past SdyearsOurGDPipEr capitaisamom highest worldwide Luxembourg Over last century GDP per capita sgrowth the rate is p Q t E i 3 quot g quot39 7 Describeadd ional data used to measur the ebonomjc gvelopment statug of the 39 US Use your notes as well as figures and tablesfrom Chapter 1 Be sure discussthe eviden39ce on39incomedistribution39and39mobility within39the39modernquot o JS Income niobili unequal distribution the elite held money and resources high of 39US h39o us39eholdsTec39 ei39V d39S 0 of ennutrytotal39incomerbottom I 5 received393t5 income gap increasing A est 15 w 0 I Unmempl om entirat rjgs rrsli g n y Hign rthan pastd cade alnflation rate 32 20th39e century rate is moderate and stable about 2 predicta interest rate encourages investmentlending and borrowmg ble available for other goods and services work less tin 13in order to buy the same if groceries post of housingideclining while amenities increasing p r Cost and ownership of consumer goods less of income spent on shelter therefore bnore IS l r 39 3 In ex 39 2 0 v R c 391 K w I I v Q 3 a K K a a39JHVQa I 931m 2 Hm m 3 mm W01 3mg maa mq 11 at id 0 an timing 3315mm 9111 K 2 2 K 39 asawq 0i Y moa mq 25 3331 di39zmwgg 3m quotii 336 S dtmh 03 1K3 quot3 quot m 39 1 n u r in v 5 E 2113322 S quot 6 S I Q x A f 39 231332 f quot lt23 i339 i c 9 n gt rlhiu I I quot IUT AM r k v 4 ii at wmi brig i39m 213mmmamqni wab i zmmys 5313 9m 3395 i521 1 1 i5 v 3i 3w mu ts imau 39 azifldiij 93 Eu m gus n gtm 14h units Em 313233 1 WWW dar g mhzmh m uwmmyymsggi i amiLmJ be atrim tgmg 1315 a L shimSq 3amp2 B sgm quot13 but 32 1513 JF NQY3 Gi 219 f fn 3311 057 393i39zrmo z quot p 2 21mm mamqula 3h aims30 gmummm 39mi mmgtm39wtm 3215 gm 3 r 9 42 a n 39 39 1 atqoaq aria to Qfllfid Uv39m HIHSVD mum Emma39wanerr eumk msmqnia md mmormad mscgm Esq amount 031 3532 firmyzg 3953 names321 5d mm 31 pgsmoz 339 z 2 V i W H V ke h quot r v v39 v v 4 gsrmmmo unggmob 352 amubmq ammua bns abung sin it muoms 39szsimb mm 9d21 m E 3 f 3 1331 B s z y P7 z i f2 13fquot1 I nunme vnj 03 37315214319333 13g 33 h f n39 V equotsrz rxlr an zxrun My r hr Iquotgt A fr g i 3 w Quinn x quotJuana 153 tkl l ukl fqu 5 quot ryi t da x uvIUzm ia u J693 J 1 JC 3 1 51 vi a mm mmgaquot IKWQJ C 3 u J39IUHSS J 32m 1310 339 1quot gmedrmxm abmmew 32551311 fvzv ng imn rmaua hm armabnm emf 223 MT NE Ema r 39 4 e e 251 quotto 2mm mamqofuvah mm ama ad mum3m a foam mu smu nhm odwaa i M s auntswti 1 szie z 3 mm midm 2mg 510311 2 iis39u as 2903 my 3953 33 315 u 121mm suit uhhin iiiaim 513 auimti zmii unu mi an vana iiia 4951 gamma 4 Ki1331955 233111023quot Ems 3mm Mari mils ed mmnc siazb mpam g39g gm 2319 2 mi m uh x ck monuu39 zz5mgtm BULK l ShiUDQPHJ a XJEutniafmr amurwduorx M 391 I nr y gc rm 101 Qr lr I i A 33351243 Jam ugir xgangm maize ctr i 5 qwgwjggg giggr m n skitnmbmq 1n93 inqd sfdm39 brm mismmm a 31m guinea 9mg 335 21313191ng is 39 E 4 gm mmod brm grubnsi immireevm 2931130ng3531322133 3 mew 21033er mm m Ma a armovn z m aaoi 3299 39xsmuahrm 39iggiriephwe bns 1211 2293 44mm umsz d md if mine a 39 mi 239 3550251 rcwn gzsg burieburigz 3923an 251 sirh mv 395 39 t w av v quot v ggz xrargmsrzs gammama virdw gutnrluw grimgyod 2390 faoa agmaam 5A a r y E 2 k 1 z 4 A 3 w gt0 I L AM f a quot n R gt y n h Liftexnectanc 1777 wearskadyanees in health care and nutrition39 39 f l3 W WH man cap quotskills an39d39abilities of39population T99 litera cy rate84high s Lhoolfi W moreec 1 ilicationsocietiesarebettereconomicalljiand naiiciallyL 39 3 i i 39 w 39 mtit tio al t abilit yjawironmentalquality nutf l tlbiifacb sstO39WEfe39fs mtatlo j 39infeotiniiq di39qmice rate 1 M 1 i I 3 atquot s 4 8 List and de ne each of the three main types of unemploymentTIs a 0 iquotit of 39 quot I 39 J 2th desirabie LExplaimyour c 1 K 39 a s 539 2 c u i as Frictional People iiiBetween jobs assumes people are looking for better Jobs 1 a 24 V K 39 u 39 gt I h t g I 2 Structural When skills become obsolete I n w t quotu a 2 o 7 I 4 yclicals Duetoeiewamon 39 r Y 0 is NOT ideal in fact 4 6 is quotfarget 9 Whv is wderyeandjredictable inflation rate importantgto economic 39 development HINT Considethhe impact onrfinaiicial39ma rlgiets Lendersandh01quott0mel39sa11 3lcsS11k lyJQgl lql LGDdQLbQEOMhQQMQEJOPIGdl tf m in ation rate because the money might not hold the same value whenquot it comes time t0 epay beife paidiniiney 5 x J in 31039Why is the US censidered an economic success story iDiscuEsth Z hey LLquot m39 mug 39 r t features that distinguish US economic growth Since abput 1750 l Factor endowment production resources available for use 2 Prod 39 tiVity the out t per unit39b39f i 39p39 t a Th9 maderafta and 39 1 growth of the oenhiry A a k I 11 Name the two economichistorians who shared tlf 39N b el39PFiieTi 39Economics in vML w r lv993rUsing Ghaptcr1brie ydescrihethecontiibutionsofthesetwoischolarsBe7 a sure to consider changes in development patterns after 1750 Use data on height A 39n i g a Weight birth rates andlife expectancy to support your answer i North andeoge1 s a 39 A 4 x i A g i 39 7 J f Northranalogyotihuman lif to24hrclockrTheeraofmodemgrowthandpopuation v r quot bpom only 35 minutes out of the 24 hours l r J r i I 1 L I 1 v I r Fogelrl75039was39a tuming pointin the39diet oi tlie populatiOnybefomthen disease and n quot inalnutn39tionplagued the population I 1 a a 39 Determinants of development include factor endowment productivity 3 2 quot5 quot g i t E 391 5 h e I aw L39 quot2 L quota 39 d r39 C 3 39 I a 0 qc ej ubl mz UL g gzrfgc 5230r3udmzwgrur gxsngbnwnou39 1quot 39 bxoqnczgi39g a a x a mv e g a v I it A o A I y 33ch 0m type 3g pom c m arm 3 27116ch 6 gs cczwgqm p39 w w asg gfmu 3mm mu 33493 g 59 u gscgox iuq39qujgug uzgncrg y macrxx cca wringipgs Apia wigs g g 01i rgar a Ssuv 39QumN i Rzrgq an zw 335 macaw we 3 35 l 1 I N l I n a 39A igrpr paparscc mginex gxm m 191 pcgq mg 7331 Angst mung I commaqu quot gm wk 5 V Spa Agaiiaas 13 31 C 35 Emang mw gamma g2 vigor mm m o w mam gmmrmgc magma mpg acme pccomc mac365 x m m sz cei op 39 warms hubby 3 quot 00K3 3 2m g 4230p 1 1 z 127Whquot5t 5iquote thmeipriwmary d t 39miiiait f economim lopmntg Technology more output per input S ciahz a non of labor more than one worker can produce more togeth ef wh t39tliey 7 H Qamcduld individually 39 Investment in human capital education and training A 5 a Realization of economic of scale m the long run costunit Wlll decrease as unitsquot I i produced inclcasc n l Managerial and org anizational improvement inventory controls accounting proc compensation of employees L 13 List and describe some of th sources of productivity grpwth 1 lures x InstitutionMatter39theory39by 39NorthfF actorsithataid39in growth 0 Stable and Limited Government More market oriented Peaceful domestic and i ternat iorTal affairs 39 Seememoney and banking system Laws pi39btecting private prope gghts A ten a F H 4 1 E s 14 Why was productivity growth in the39US particularly high between 1995 quot 200539Howdid39productiVity growthatUSfirmsdnringthisperiodcompare productivity vgrgwthaj ggpean rmstExplain thedifference i l V V r y l infoimatiOn39technologyiS vthe39primary39soufce ofthe39surger European39COuntrieS dc ITef ciently m l and to n t use a 1 5 TWth 39 st E ITSnTis B liEV th af i stit tions f itt f wherexplaining39ez development Givesomeexamplesofjnstitutionsthat canencourageordiscour development Whyare wellestablished and enforced propertyrjghts indamegtzjl market economy v 16 Carefully review Sokoloff and Engerman 2000 Provide detailed answer each of the questions abditt i 39r ticle provided on WebCI Use Tables 133139 theartieletosupportjyoupanswershSneededilfe39sure thatyowunderstand S and Engerman s thesis and that yougcan describe the evidence the authors u support their thesis 39 395 relatively high levels of inequality in terms of wealth human capital and political in 39whi39ch lead to39the emergence off elites who were able to establish institutions preserved inequalities while slowing longrun economic growth I E d a l kl 4 Thesis In the new orid differences in factor endowments lead some colonies tit have on omid e39 39 ltoa s to rom k nkolo wWt e tor 1 power that 1 439 quotsaw 4 l I39wi f L r H an 13c 1qusz 22mm mgr 5m mom a 1v gninin i ms w xmx1awm mama my 4 213 Milan 3mm 11am m3 a 155mm mhnm oMHuarnmwoD 63mm 53m 2de w J u w P m igh 73 makes1390 9 km 39 3931s 3 0 afxsxw mz hssiimsah ahim39a i 02203 namjmgn 39i hne ofc a i waive 3er n 9 1m vim L p 33 3E5 medias MEImm i w crimsjimmi was 3311 hm 235132 5 1 31mm quotX Wm 03 350339 skn ubn l xszobm Town3 rri 33 wan mwor V 2 23de saw39i39o ggrnszm is iavai 63 1 39 u fanoimznmi daiidm OSSffj tstlf arm quotaa f io amwg rams adim bsaf EQMW xii1mg yrrumefmxm39zgnoi gn kwgia viixiw azritn ksu39pgm 4 s quotH a Use Table 1to discuss per capita income in Caribbean and Latin American econom ies relative to the US Howiithe relative prosperity of New World economies changt time s a s w over h t u re Jam Fer capita inCUme39in39the CaribbEan Was50 60 high than eolonies39irftheUSrHaiti was nighest wealth 39 4 u Caribbean and Latin American econs appeared to be well positioned in terms of income and potential for growth in 1700 s and early 1300 s s r x A a 2 2 What explanation is typically offered for the quotcontrasting records of growthquot in thi World Why39d0 Sokoloff and39Engerman39feelthat this explanationon oesnotfully di 39er nces in development 39 339 e a i v I New address a l 6quot s i g 5 fl 1 lquot i lhc m nne matter rst part quot a r I 2 what caiis liffEr39 t in st it tio ns trdmior in diffemrcommesi Nationalh ei itag e am s e a x i 9 l39c lt 39re 33 a A For the New W39orldeconomies described in Table l isecoi ioniic development posit vely 39 r l a I a wrelatwMtbna onalvhdlage I a E E 39 1 5 No not consmtently Idarbadosnvs US same hlStOI39lC heritage different growth A 17 4 f fusion the relationship betiveen factor endowment inequality andjinstitutions Sokoloff Engerman theorize that differences in Economic development may be 39 gj39thesisrBesur tn r 4 a Al A 39 4 quotlllc a acutcuuc will m Lllc s related to E 39 z eliteswhowereable tu In tHeVnewwor lddifuferencesjnnfact6rfendowm ntleadsomepolniesjorhave relativ ly inequality in te ns of wealtherhuman capital and political power which led to the eme 5 n tats rgence of 39 address v Lulu ya vows economic growth in the long run Jed theseinequalitieswhile slat vquot quot5 k r a a 4 i r 9 39 okoloff arid Engerman write thatquotTherewere39no39seridus 39national or39cultural39bar is 239 a owning or using slaves in the New World slaves were welcomed inlcoloniesgof all World European powersquot Nonetl less slavery became concentratefin certainquot European Ilse economictheomapd hjstonlcal eyidencg to describe the disti39ibution of slaves i quotv N In 1 1 riers to he major olb ies the New 0 Greatest amount of slaves located in Caiibean s o Slaves marginal product was highest in Caribean O u Slaves inareaswhereniarginalproductwasgreatest 1 Economies of scale 39 r 5 6 HOW did factor endowments tand the use of slaves impact economic and political p0 West Indies and Brazil during the 16quot 18 39 centuries quot v e quot A a a aver in the Slaves w39er economically ef cient o fi large land 3 a A Land Wealthincom39e 60ncentrated39in hands of the feW 39 Land capital concentration O O o 5 0 Political Power became concentrated in plantation owners put into place institu keep them in power quot 39 tes to exam43 an RN 5 u 1 r mmu mn umnmzakumm qmrxxzaaddrm m V 9 4 9 s k a u r v v I k is 56 03 h M A C mmm quotH mm woos Fr 2 P 4 2 nm may a i 239142 ax milsmnmu g h if Imamqohwh 12 manrmmb r e s quot hli jzn l mmquh wb Z ifxf fiZS393 3 2 i 4363 M iiisr i mzazh mi quot220mm 22M mi gm 97 v a 2 av m 45 9 I n t a 39 0231913132 Exam 3 mm mg m Eouswx sihh H123 knownfirm39s 33nl Em Mfr sm l v v Ema g ifmigngi J1mr npbuc rmw x 392 o v cng39 firf39j 31 m MZ obid I 2 3lt7r lt soh w mm Js qsz mzr39mrf wdilsaw io 31912371113 39uianpsrxi nm gnu pd vni i a39JOIgp imQ ODf I h r 3 2 3 WWW 42mm v57 9dr rm azsvreq L V mmw quotgm Dam ni 25 31 quot10 muums 91553 0 55quot mm 5930230 Boirdgnmi 5m ham gnnunam am am aimsswmbm 39zi mf mi nn l 33 1 39 1 z 514125 as maxama fil 3f 5603519 11 l cavsi c39 9 v i tism it V 39 G 5 quot u E J I WIOQ in mark 195 v 6 x d 39 139 i 1 1 v H k a g g 1 1 39 a x w y i a g 5 V l a a g f a j s a J 5 4 x w a i L 339 quot l i 339 r r t if v at 5 A x e w r 39 W7 Howdidjactonendoyvinentsan dntheuseo laves impact ec9r1omicantlpg ticalp er39in 39 TMexic39o and Peru during the 166518 centuries 39 i v n g Facior endows rich in mineral resources t i x S S r 39 i i 0 Immigration restrictions and original distribution of land led to concentration 0 power of so a few g V t p Tributes natives offered gi s to leaders oj Early form o taxculturallyenforced J 39 a 8 Describe how the factor endowment39of North America quotparticulary north ofthe Chesapeake39Lledtoarelativelyequalwealth distributiqn during the ljiandmlsict thingies H exclude south I t 4 l o Timber grain not quotsubject to economic of scale a f I i 1 grain farms were relatively small N u quot o 1wealth distribution moreevenlyincomc wasev6npoliticalpowerwasnjoreeven 0 Institutions were promoting equality E J 5 a f I a I v 9 Sokolo 39 and Engerman write that39quot 3in the New World the initial conditions had 39 lingering e 39ectsquot What sort of quotlingering effectsquot are they talking about HINT How did NewWorld elitesusetheirpowelt I quot a 9 s nstitutio nsthatpromoted39inequality and equahty 10 How did institutions encourage continuing inequality over time in certain New Wor d 39 the l39 39 9 quotompare the 39 quot 39 r iINorthnA39mericatolhose that 39 developed in Latin American and the Caribbean Consider each 39of the following institutions f 0 Land policy do i p V x 39 I Minimum price per acre f g 39 39 ILLMnimum purchase amount v lt 0 U S Liberalization land laws price and purchse amount decreased ovci time quotI n J l 4 4 1 In r 39 I v wry lllUlU aauu UV PWPIU I more quality morequot income o wyLes s lib39 rquhad39mmmmd I considerable wealth to have land o Voting righgststae Tabiea A r t 3 I Relaxing wealth restrictions gives moreiiwple access to vote there cre ating more 1 391 nquot 39 I Literacy requirements fewer people can vote a lt a I Secrecy of ballots discourages politlcal equality a I Helptm thamwuadmmaga umur L b 39 I More meaningful vote s A 39 t M 1 0 Public primary schools See Table 3 l I 1 I US was lerer I Impacted literacy estromoted equality 391 1 r llt According to Sokoloffand Engei maywhat impact39did differences ininstitutionsha ve on quot economic development in the New World l f Where the Institutions were located there was more positive economic developmem39present 3 r f l quot g i I A r a r a j 5 V K quotl r P I Aw n v mu 3mm 39 hm 330195153 3 T u quot f 39 393H85 Hb251 2 23 3quot619551 gmi39uxh n39w hm mimi 39 4 A a amniuam maxim ti t o39n mobm 1923 1 P quotEQ xslloq39m rgmmunsa m 0 1 Erqt nnsf39h masuq meiblsmghoEms zno loin 31gojimgimmi H in a i a 39 mangei0 a igb je39 o sm sn imam 32 qu 23 r quot quot w t s 1 N V a 3a 39m nch 39j ilii39uni39 fj miwmz dhv39r lf m i T f hbu umx 01H wed miimza 8 3 3 iili i39 m hunm ad uhuh primd ipih iilrnw 01wa 39gfmhn39m w r 3 im 39quotatlml39jvjmdquot v i d 393 quot V 4 almost aulzzm I v z 9an m aimonma g beidxn39mn aim Jamquot 9 s 1 Name 35113516 pr 2mm azisug 1 Na W m 4339quot Wadh m rf z39hvn new r mn39u39 Irma mam rn331x4339n e WW 1 a j I pifaum yangch any 2110353323 A J R r L p J 1 S im mmi bsm39 id ini 39HU bhoW f i fwh an mdt ujiwr smurzw Hm 133309382 13 39rm ix z fxi fi i39mmfagmg m 39533 5 1 3mm gnhggn o rm thv 32 193139 iglxirmgn quot Emma21 13M 3913 3931an iylwdquot VanE h a 3 1 h R 1 u gawk 12m mhugr if 331013on km agromugram r a x 39 391le 093 nis aw 5 arm39s wwn xf mupani gninni xm wgmuusm anuimt mn bib mm m 4 321 1393quot 1 z v39mri r w f39 ft 1 9 1 4 u xx39 7tj f quot quotquot quot2393 auoiimmni gniwuiiz es 1r an 16sz J 1dii 3 Iihjhm nmknm 13252 21 ssqu awb i I b 5 K 39 vailoa bnsl 0 V 39 h i STus xJ q 5r xrfntur rnrzfm H frsimmc nzplll a 3 szle Aquot a emu quotma baasamsb Inumns 32du su5 hm aim nws Ens nuims aza ij 33 3 o a A r q j fquwf gt L 339 Lilpi nv4 I quot quot mgcmj39emm mm 2709 4 a 91114 3 m nygrsL unawq sgi lfry vmarsz g 1M 0 J 1 hm s hd oi ri saw xfrim39ahianm h EM H t b L 39 i quot Iquot 5 L T it y 3 6 E I i guiiqg39ro 5sz mmquot 01323995 a oat smmzsvig armmhm 5927 grgix sla 3 I V r W lisixlggu 4305 4 i mm mm alqeszf mwa zinbmv ugm 351323 3 sgmsupa 63530 auguwoaaib moiisd c 2991338 391 MM va Janinxzs aquot m xbnsm xmbeawu z ad on 01 miuH r a 5 m y 39 an lu39tgnirmaxrfpiollz quot 539 39 a quot E ds3939 332 vie at 39fz mhq midisquot c n 39 i sabhaf arm m 3 39 39 i39 sugs b03tn 231511 voma i b fiaav mi a W Ed 7hr iRit b 1 xu15i lung s Ln vr P n4 4 21 sg 2u1 4 w 55l5l 4k th s n Ifin W51quot dbiii momqohwh aimamoue 1 a 1 4 S 2 msaszq momqabvsb simbzmjss Miami 3mm med henna 379w momuiisisi am 339 Q 39 39 17CarefullyxeviewNicholasNVdeisreviewrofanew ookhyGregory Clar 2007 Provide detailed answers to each of the questions about this39article p1 W liCT Be sure tocompare and cont fast Clark s theory of ecoquotno39quot mi quot 1 on39 J 391 I k ovided i quot tnvthatiof othereconomichis toriary l 1 In his book A Farewell Wit 1139s Gregory Clai39k argues39th39a39t39E 39glish soci tlibeganr tomovefrontpovertytoaf uenceinaboi1tl80ll becauseqofachangejnthe of the human population What sort of changesdoes Clark describe and in I I A 1139 9 how 39 1 I LL I AL 4 I I uucs ue lum lucy WEI u uu uugu u I r I i 391 1 1 quotE The changeuin name he describes is due to a value of literacy longer work hours non wasn t the institutions but rather EVOLUTION that played a part in economic v lolericeandawillingness to savemostimpor wut 2 How does Clark s explanation of economic development differ from the Engerman a E Traditionalthinking saysthat L Institutions MatterZLCIarkelioweverbelievedvth at it quotexplana onmtypicallyf given by economic historians such asN rthonSokolo 39 amp b development a g 4 51 1 v s 3 What is the Malthusian trap to the Industrial Revolution as technology increased population boomed population boom far outdid the growth of technology and asa result the food prc 39 5 BasedonClark3sanalysis oiiancientwwillswhogwere thevdescendants ofn i English people How did this lineage affect behavior couldnotekeepnpwithdemandrswasvareSultethepopulatiomwaslbackwhere i without enough food to feed its people p The duction tstanegl I odern lo quot I The descendentsofmodem nglish people areAinfactdescendedfromtheuppe Lelass As people surviv d the values of the upper class such as a willingness to save literacy v and non violencetiickled down t039the39middle39and39loWerclassesfdownwardsoq 39 39 v 4 z ial mObility a l39 1 670ther societies suchas39thoseof apanvor hi adidnot39experien e thi n Revolution as early as England What explanation does Clark offer for this 5 r n A r a Upperclassefertility ratesWererlowandlowerclassesjfer lity rates werehigh ht this type of revolution 7 39quot act ldering dustrial v i 7 If Clark s thesis isaccuratehowmnghtrtaffertmr J E P the development policies advocated by the warm Bank and other groups If mark is right then institutions lilteth MOtldBankwould notleadtodevelop rather behaviors due to evolution The chances of instilling these behaviors is 10 must be Spread through evolutionary means 1 r S quot i r r hentbut w they quotquot 1 u s I i a t n V a 1 n r a v n 4 1 1 39 s E 5 J I w g 3 g 1 g v w L i quot 7 l r x i v v d quot n 39 L K t 4135 M7 1 39 r 50 f av 239 and was a 1 rmvwz a39 sh in t N alminir i HuiMWHr r rm quotquot5 Va a M I u 39 A quot t x imiprmrg v mmm 1303315 anmaezrg amin ow a a a d nixagsh sfiw zlt xe003 m Juszmam39 its xrjunsiE 94319 9131J 395 ism w uqum or yum1361 3113 quotN I a 4 l v 7 a u q 5 r iviwquotwx tvz3 quotHmmmw wad i n iws i m matrmnimmi 1 V h v 5 quot I n I 33113 vjwww magma mm awgmmam g39wga ax r g v33 m uuumwts Ix mud aunt 1 r i mu m or ni ameb m f9 when wi af marks zi 331199532319 Mavis mm 34 ng m 39 mi kviz y l i r gn39IRL gt9a129gmub kipma km W Euonhimgzy nmmgmm in w 39 y x t n p 39 r Q quot X inns tutMung Mn 1 xrttifi Jmsugum 3932 41 p 44 2mm J t 1 t I a a i 39 A um hiuoxi 3min 15gno 93323ng mm 351 wibwz gaadiw vb 1 3mm viii 331363 inf 2 k a a v rv a r A 1 a 5 H w hr 3 v 1 x 7 t 1 a n x a z A 9 L r x L b x 3 3 V 9d mm 391137 li iinf e39z39 with qu Edmm znmriqn 417361 wuh Wei 2 hymn s a m mungquot 5m mmv whg1ay 13 f 1 CA 1340 unhmgwr quot11 msmmr A a r 1 J D p v t Smssm wg k t r x v 1 m U411 h giim Hrmm why quot zamss x w zx imni 3M WM hmtimrt Mansu m 3211103003 ni 123413 hawk zr 39i i i iU OVEI Tai m Ind pnoiimhe 39edl 3 I IcELW 39 H g 2 K h 7 t lm1iii 511 ubquot 39 s 39 i i 5 h a x m 39 E an39 auiztjsimmquot m 23 Km 31 quotA 39 w 3 7 p t v N 67 a I 7 f r quot w 39I am hamoo erIIsgsrgoahusecsmm xfzgowznzzw an iOiI UlD Jt 1 gamebe 2H 3 1041 39 mimubow nu 9 rii 11112011 bug gfoiomizgknihmmg as bzbmo quotg1 mam musing 39 r w33 u wd A 51cm 39 icwlmt 4 2E rz quot rLaAM 24 wequot Jillquot 1 23 3M U2 e askia qai 3325 ogmdesfgma madam r i 39 I ah y 4 quotw 4 snnhdmquot wrwhn39w ME xwmas aria 9551 M 39 I 1quot Iwr rnv a quoti5quot rWWquotv 39 F V 1 E E E H F j i ii mm agmm minim m quot oiamq MILgm a I l v 1 k a h Ie 39 I L is u w r y 1 V 29131 f m h 232 am bsybnryuzer xtnqt n am magic Minna n mf nm in v frrshnclrtpnf s an 9 r I 39 99 r r 1 y TIHT39SSLI 9132 m zeangm hn is 2 Jinn sash 19 yugfads 30 3333 an AKWITIUE ukng 2A nxc nmm I win 39fvu L39J hm jinn i mu V51 w m39ubimil 4 Muufu v mm hm w a m quot 4 A L h V 5 1 w I u 150m 39 r v9 a H quot A i 1 le u V quot 7 A 39 M 39 gtJL u thhgtuuwv 3Lu J J ixjm agm v HM L u quot33ny J b hanjuvv tv unk a Aquot wr ru Mag 7 Maw7 if c I 3 r y r v 4 i y 2 W Yianiwsiwi I il 133 3mm immzm rgw aai h mmgna at gamma namsaow r E 39 M v 39 m39rg 3431 w W izmm39x anan in r i n mummy vzv 392 a nia m 39 11 3 v f V 1 i T a H y r w T I nouufovm 10 mm 313 p quoto 5 w I Iquot E l hirinme 5 wish mm m39i39h 5 525m quot1m Mmm39yw 3i siumh af39irkr t 35 xquot l w 1 r s amm39m 39E Ji ma mum m m u 3m 23 1391171 wbr ewdmgJmmqn w s x 3394 V v A J I r v r A 39 39 v v u K Md mamm x 9 if himi h 17 Wm iggh mvr xii 39 annagwwgr m sz 7 quot r A 4 1 1 3r sfuLaIz3910rmrisu aarzi gmis dam39io ega xs zi 3M hom avs a sub owndod 13mm 39 L 39a Y 39 x quot 39 I e g V suscm 1mman sigumm 3519 3d muf n g r 39 k 0 h z tt 39q i k t x 39 w A f a k u p 5 E r e t 1 v L I 57 quot a 4 1 39 39 x 3 A J Au g n b lead to predictable responsesjand 3 institution s matter Would Silark ag req Explain H few 1 u 1 42 a L i A i w 4 g 8 Most mnderneconomists believe that 1preferencesare stable2 incentives Clark believes that preferences change For example our vvillingness to save T i he Picfcicuw ha L a J allowing fOY39the InduStl39lal39Rcvuiuiiuuf i 9 Can Social behaviors evolve in an observable way a i Yes and we can long V I measure changes However it 1s hard because evolution takes a 1 A l s time s L 18 Discuss efforts39ma39de by Cdngress to libefaliie land policy in thelast ha fofthe 19m century Use Table 151 to describe trends in the number of Tarms andwfa rm n acres during thesameperiod i 5 Congress gave away land to peopletripled the nmnber of farms 5 A 149 According to your text between 1870quotand 1900 less than oneacre in f ve added to farming belonged to homesteads Why did so few settlers choose to a v autageloeHomesteadAct during thisiperiodHow wasthe A t amended to take n acres w mm dress this problem What effect did the amendments have on homesteaded r 390 Theland given39away duringtheHomesteadactwasalldessertmountainahd plan landslhes elands vgere 311 gorgljgg39 grgzirxgnnlesg ybu had a lot mere acres th government gaveyaway 160 The government amended the homeStead act by ad other actS39giVing 39people reasons t0 use39the39land for 39 iample the Timber ActSto etC A x 39 i as ZOTWh at w ere 11min centilriesDescribethedifferenttypesofjndividuals andentitiesthat gained ree prin39cipaljg39oalrofUis39landquotpolicy in the l8 h39and3919d 154 the pg quotACth control of public lands during this time Discuss also casesrwher e public land was acquired as a r5131th 39ffaudf t u y r 2139Were federal land policies in the US inefficient biscuss hon the views 0 historians and economic historians on this question have changed over time 22 How39did the makeup of US commod ityprodu39ction change between 186 1 99 s i r E a The US went from primarilyggriculhne to primarilsrxmanut39acturing in u only 9yez v P t N 139 dvt lnd 7359343 an surmiuvn Dn si 9 t I 6 ma 3339mm sisaaxba39 a has 39 uiniap i j w r e anm wana 92 whim mm wwmwm39icwr H i 3 i oa sgg nal Man s 29711311 rieiimitzn 5 q I wun 1393uvae of ewngniliiw mu olqm re 10 agymri 312013319331 33 zavaxiadahs w gtfih t 4 JIM tin xii ublu 715 13 937 n L39th LuggnanQ tflairqlvunwbvgrxlntlgt f Maximum m ui winkquot 810 39S Ei 5753102 mi 9 w l r L I gum mic adimlow 92mm mbe 2 IE Iatgwn H gmsrb 31114339 am am hzmam f i I I 39 g r l 9 1 h hh an 315 an Mimi xii geima Evcmiquot ssiisw 5 a maxgnu d a am39aho azama E I I r x i 3 l r 1 75 d TJLJ h wadmuq Lad i91gi iairmq 0 but 53 rjz39axsgy aamgrxo Y r avs t m awn mm nrx x39waf 3011 may 5 mamudm t r39zuev oi gtiilrzmaixi 39amgmismudu aam ia we 33 hibggzi v39 gzhgazaomoxi 01 bugnola gninrm t 0 habit 15 it aquot I A HQ 3 14 Jam44 a a 1 Mn ammo gym 2 Luna gs A 1 2 3m babmmsmmi m M ahtmnhna m 9m x ME 3 a h r v v v a v y v f gszmih an ninoum hmam LI rfzw Jar bnumumo him auuuii 3515 Mung mm 11 r l I x i 9113mm aura smm to a ban um Heinz 21137 701 bong 1310 3st abnsl 029347 3am r x 1311mm gj I9 b labs mi f 33331321meTHSI SU ITNQQ in 10933 gm 3 sg mamms 1 x y 1 N 5 l a I I m mu m on 1519qu mpci 33521801 ngwm u 991511 ani 39mw imiw as wiwmr awa mg imh nH Hsm nquot itlti ur 39g in In n 391if31 i was 3979 ufo gj g himi nmn Emmi gildng 1mm 292m air 3239am 3535 aim gzzi39mii afinsi p duq 39 39 Juan m Bizzea r I 2 l l w awsw A23 quot011 2211321453 39 jl9g 3l b3 ed in maxim 3mm icymha 33923 5 a f 9 b r m gt 4 j r 4 v 4 v r hm WEI maxrim agnex b 93355qu 1 mmmm 9235 in who am 95 mi we 51 y n k x 7395 4 quot 3 Emery vino m gnnf osmnsm vmamnq ura391u33u1955vhmmiw mm Mew i an i i mjn39ir hm amm i t quot433sz 99 rail 83321913 adiwaui m LEI rngm iquot 9335 g39mzmiquot ei39 n M w r H v 39I 4quot uui1 i mniui mu a khl nut 13 au 39 a l t 25 1 a k P zix u irx Enhndszu u an in Jamm r x 5 232539 de neldnm said mama 311 151 bqgnmtj Wm noimsugai zuo mm soi air simu rgmu ms mummy t r I h quot m H buquot391 5 A 393 t R 9quot w M r 4 r y a 33m Slum Jil m mismgf um gaming13 U L39IUM 51 31411 avmwsa mqhtm gmwg as xfgm39 V q l i r 23Reyieyvjhesimormatignpmagnicnnutalnmdubtion afterwthge ijiil War including productivity changes that led to increased supply Use Table 152 to i r 4 f d ci ib 39any Hanges39ih39output39per39acre output39per worker andjhveragefarni39size L c quot 5 a l I lt 2f4rUseMapiS1todescribe agriciilturaLspecialigatiombymegionjmtheLlate1939 ancesh3 n Whatmasthemainsourceo increasingagriculturaloutputduringthisperio Little or no increase in land p39fo d ctivitfthe growth39imt39put39mati lyf uE39to ingrea se d v acreagelabopproductivityrincteasedusedbfcapitalandbiologicaLadv i new plants combating insect and plant dis as ibl idsme I S a 151 F I 1 1 39 new nugrauu uau y u s century M n L i i a 1 outh2stillcottcn We strpattle lt v Florida fruits and veggies l 1 u c WTMorerelianton markets domestic andjntemational L T x g i lylore reliant on transportatio39r il ia39dfto sendja 39d recenie goods 25 How did increas d specialization affect farmers What did farmers do wi surpluS output What39are39theiprosand39consfor farmerS39ofbecomingpart39ofa globalinaLketB snrelt9cgnsiderirgearsLhynAnneAlgyn wjglwlnmrysn agriculture quot i i 7 i s th their m More Vulnerable to price uctuations if price onf y compensate byproducmg alternatives our specialty is falling unable io r V l 21UseTables153an A trade in tlle latel9f39l century How is it posSible for farmers incomes to have Slightlva vliile theif terms of ti a39de39Were becomin g worse w L E r r lP39vu i F armers had to export surplus k d 1521 in A 1 1 s a xporting le efarm rs vulneiabletointernationalmark tforces39alndrother countril atariffs and protectiv39e policies A f u g I 26 How do economists de ne and calculate a producer s terms of trade i 39 t 39 39 39 V i u x911nestleQmimetarmerslin om dmnmsnf risen E ah a 51quot 03 iii ai 935 42 5 f 9395 J in ism 393553 aas aib Emir hm waan gram f i zfq wanL 39 t quotH211 2112 0 213312135 333 in x39 f r5n u 33131gm inzsimgzi srga demnbg bib wc V m 39 jlt 939 39 v 39 A n 39 w a 213 39kaer Tgmi mt 8i Iiau satga mw m sum 1 mm axmu avnq sfairmasz my 5 1 a I had 223951116 1quot 3339339a 39 a hum33 39quot39 3mfmus i ohstimhfta ims 9136 23223555911333 0 wo H V 4 n 739 h i 2 9 5532i 3 9393732392 a as 39339 gave 2quot a wn 39 1 391i22 rm 3 me 33 a x V E i 5 ii A h i 5 r as V r quotFarmErsLincome areincreasingv 1hile theirtermsoftfade arefallingTheprice of faring m products were falling relative to other priceswhich lower the farmers terrri5 of tra 1e 28rWhateconomieprdblems ela tn rr39 and didfartmers experience in the last half of the 19th century Discuss the reasons behind the adverse terms of trade that farmers faced Be sure to include a discussion of t 1e price andwincomeelastieityoffoed j quot The 30 Years war 18691899 created a Worldinuw39EiEli thefanners were unabi e to controlor comprehendr ilihe price 5 of farm goods were subj ectto vinternationahfor es and ea39sily uctuated Theidemand of food is both income and price inelastic therefore the quantity demanded will change little in response to changes in income andor prior 29Qiscy sjarmeg perceptibns about the source of their problems in the last half of the 19th century Where did farmers lay the blame for their problems andlwere thesqcomplaintsvalid Use data39andjempirical researchtosupport yo u39r ansv item f The fanners didn t understand the market forces present instead they blamed r a 39 Unfairmortgagelending rates by banksinactualitynominalandmalintgres os declining e v Excessive freight ratesiHiggssaidffreight ratesactpallyfallingdueto increased compensation and there was no evidence of monopoly power by R on long hauls only on short hauls r 39 3 39 i Manufactures high pg ces on farin equipment in real terms the price of farm equ pment actually falling l 30 Describe the goals and activities if the major agrarian protest organizatio ns How successful was each organization in achieving goals v r 5 These organizations appealed to all farmers Granger lobbied for state gov regulations of rates charged by railrdads and warehouse facilities and began farmer coops stores a farmercould bearnemberofinordertor ceivediscounts 31 What is re ation and why did certain organizations support this policy Why did39many39farmers belieVe39that39they39would39benefitffom39re ationDoyouthin k 39 farmersreallylvquldhaxeprne tedjnLli rwaxsryog escribed k s o l errn us d39Wthe gr Baclf nfowvemquot ent for in ation unanticipatedin ationmouldlielplhefarmerslbormW rs1andbacfonthe banks lenderskease deptqmen v 4 ken M 0 Wanted to increase prices of farm 5 goods o a Increased money supple increased price level A l k 39 r a 3 i quot Luigi 3 ats nc 351quot 3551 Hosanna amrzmii am 7mm initriw 233311 wr om nish gains 933v 39amui z 39 a x i 1 rr fmr 316 02mm 30 2mm mm ahde gmmwmm am warm rmrrm 4 quot Mum vfi hi1 quotSm39fimb hm Himzrw n k lxmviis39 Mn39z n zn r39sn nnn 1m 5 w o 4 b uw a uu 39 wmn sdi braided awaken mmziz S xi siamwy 21 axii h hzsi 15315151 ui amsimq mfg m noxaamazg sszzimm m mu 98 mam manna 1511 3331 m SEEMS 2mm I x ql fff rf k Eur3 in r ruixg lnniv g r h E nr run a Y Ib Mun hm 2er tetra ULquot an a autism 313v diagram at mum m blmw 13 33315312 998 2de f l i a hea mama quotyIf39rrvjquotdty 11 yrlh mavn Nn js lrvyxtquot quotya gnny vr 4 V I oi uma in 39rwv395r9I I A r w a A 74 Mv 1 nw g mu 7vxz v1 x lh39 l 1a J LJY rm bdtmohm t 33825Em m rrq has vmomk iiiod 2i bcd s bnmnablari39i bf su uu vim igu ncg td amfg m mk if 233mm 9 92311222 m 353553 330mb um bubm mmf 4133st a Tim 323i 91f r ams dms rimi f39is 333592 91939 1006 mamasmgquota lbsm mm 1 rm bah mmiqu 39Ei mi QUEER 95 a a39 tam39zs imi is mm gzsz snaa 6fo m 39 i A 3 i g N 21 A Y39wag n k xx tnque v 151533 lt 3 t in nn amp11nolzt huh n ssh w JIR1 LSUJ Uta 39 V g n in L r a bean far bmkni 322316 29036 339sth am bnmzwbms39 nbib a39mrrm 35o 39 w A s39 a J Pdm Wan31m hm hm mmmm wnhnrbs m 2gtlmsr3 w 22111 umbml mnyt39smsm g L t gnaqibt Mmmmi 0 mer gni t 5 34192 23m riytqi39f rrs 9mg iH 31 g 1 1i j m w ti gm no 5 jswuq ie39qqnqm m czarst 9 m 25v 3151i Erna mimzrmqmr 5th 2mm none 5 J I uzumcziupa f jis39i 16 53hr 3d 9me has Ii igmiqu 1in go 253th ELM aggqumpgi 39 gnzlm wins mimuga 33951ng 913 To a93rz mbn3 smegsm armaw znoimsmigm ia339aq W kmg afrgxgi mi xgalui romainth 113233 am iu39wmjmmvm 30 Winnings Mug 1532 70 kiddo if gnxs 32139me E11 0 bem aqqs anoimximsgmeawi s amine 39ng 13mm mng bits mum emjmibmw bus abs mi39sm 553mm quot f fun L 1 2 M 1 5 a lquot tLLLu v v imJt 3 Nun I z AJ uYuQJU 3 UL Uiu uu Linn 39 g 1 39 39d ij I zaiioq zirl rwzgqsm a eias xihsgm nia ma bib w hm quotmim in 2 7ng i 1 n a q r 1 a Y mmu s hug nu umuvmngimxa gummy may um mm 1 Small H migm 11mm 5 E ia39 ti 392329h xmv 8wa mi ni bgmmad b mtimhuw vim aftmm i wim m 10 Mamamm Kggsrirwmg an f 13992 r5115 a I mfg i m Rm f wz ws rrvrmt i Mmquot quot Cr 19 WNW Im r39frsi 9213392333952 21 39quot nsb m Nix sasv1213bmsnzgtjnssd v abaog a r msjifm 33311 512mm 03 bath 0 g l 3 mi Sumqbcasqroni 3139qu mom bau az O x 1 MCquot i mm 39 3271n somequot westernquotstatesfth GFa g e rss cca39sfully39lobbied39forila39ws tliat 5 establishedqiriceceilings5nfreightandwarehousingratesDescribethe up Court s evolving opinion of the constitutionality of such laws What regulatm agency was est39aliliSEd f ll 39 iifth Coun i d i i ift deEh case quot39quot k s 0 The Grangers roughly 391V8671 80 o GoalsAcivrties VI First majorfannbrganization I Known for established farmers cooperatives 0 Members that use business are also the own 39 wIzobbiedstatelegislatures where somewhat success level L J 33 What role did the l ederal government playfin addressing the concerns of farmers 1nt39e rs tate commerce I SOtheWabashCaseledtowalnterstate Cnmmerece nmmisinp r E 1887 t I 0 First regulatory agency F flgral in the late19m century Discuss both 5 I des bed inyourtext Limited Responses by federal Government Pg 30175302 r Dept39of39A gri Culturecreated1 862 and39expanded39l 889 l o Morrill Act1862 r quot 1 6 HatcliAct1887 J bureaucratic and legislative efforts thax in v w E H u regulation of Rg gad rat s 4 grain elevator rates o 1rst USjregulatorycommissions 39 4 o MunnIllin6is18773 I US Supreme Com said states inay regulate busine ae vities that39are39 Charred in39thejublieiuaaest n TheWabasthIasei 18861 1 h I US39upr me Courtsaid that states may not regulate rs funfer state I moi3 w 1 m s 1 quot v 79th l are l i ECON 2200Moore Study Guide for Exam 1 NOTE Chap 15 p 261272 ONLY 0 opportunity cost 0 Volue of the next best choice thot one gives up when mollting or decision 0 economies of scole o More thon proportionol increose in output per increose in unit of input ex 0 3 increose in input would yield on increose in output of over 3 0 Thus 0 firm39s long run average cost per unit cost m os the output rises 0 Productivity 0 Output per unit of input 0 supplydemond O o comporotive odvontoge o o relotively lower opportunity cost to produce or good elosticity o rotio of gtl AQd gt APricelncome l The study of economic history offers benefits to both historions ond economists Describe the benefits for eoch group Remember the quotes from Williom Porllter ond WoltonRockoff thot we discussed in closs Economists will benefit becouse they ore oble to getleorn focts ond doto which con proveenforce the economic theoriesprinciples thot our society uses Historions will benefit becouse economists will be oble to connect their focts events ond doto in order to provide or complete story of the time period stotus 2 Why is the T958 publicotion of o poper by Alfred Conrod ond John Ivleyer often ossocioted with the birth of economic history Whot topic is oddressed in their poper Why wos their treotment of this topic controversiol ond how did their results differ from previous findings including those of Phillips l 929 Exploin the osset pricing model ond the historicol doto used by Conrod ond Ivleyer to obtoin their results Conrod ond Ivleyer brought economics ond history together in o woy thot hod not ever been done before Conrod ond Ivleyer discussed the economics of slovery in the Antebellum South They estimoted the profitobility of slovery ond colculoted the POP using yield costs ond risllt Conrod amp Ivleyer olso compored slovery s ROR to the POP on olternotive investments finding thot ROR on sloves octuolly compored fovorobly to olternote investments ln T929 Phillips soid thot slove prices were going up while coffon prices were pretty stable thus concluding thot slove ownership wos becoming increosingly profitoble Conrod ond Ivleyer however used the osset pricing model which wos o stotement of the theory of how osset prices ore determined The price thot you re willing to poy todoy for on osset is or function of the streom of net benefits thot you expect to receive from owning it In effect they determined thot owning sloves wos octuolly becoming more profitoble o Ileslove morginol product of slove T o Ivlointenonce costs food clothing shelter stoble o r discount rote o t time period from 0 30 0 Psldve sumIEcoiionIPsiove mointenonce COSlSlt tO I rl 3 Whot ore the primory feotures of cliometrics Whot is the focus of much cliometric reseorch Cliometrics is the new economic history It uses the scientific methodhypothesis testing by opplying focts doto to explicit theory model It uses doto not just for description but for testing theories Do not just eye boll the doto ond come to conclusion but rother perform tests on the doto to come to o cleorer conclusion Expanded rage of topics Focus is on the study amp explanation of economic development TH EIle gt why do some countries develop more rapidly or sfobly than others Concerned with measurement amp explanation 4 Use the 5 propositions for economic reosoning from Economic Insight H to discussdescribe the economic woy of thinking I Scorcity compels us to compete in some form ond it necessitotes CHOICE 2 People incur COSTS when mollting decisions 3 People respond to INCENTIVES in predictoble woys 4 Lows customs morol principles ideos ond culturol INSTITUTIONS influence individuol choices ond shope the economic system 5 The volue of on opinion is determined by the knowledge 8 EVIDENCE on which it is bosed 5 If the onnuol growth rote of reol GDP is 25 percent obout how mony yeors will it tollte for reol GDP to double Whot if the growth rote is 5 percent IO percent Rule of 70 7O Annuol Growth Rote of X number of yeors until x is doubled 28 I4 7 6 Whot does the term economic development stotus meon ond how is it meosured Economic Developmenl Slolus is The eslimole of The overall well being of The people in o sociely Complex lo meosure will involve considering more lhon one vorioble Tends lo lollte o hisloricol perspeclive considering lrends amp growlh rales in relevanl variables 7 Define GDP ond per copilo GDP ond discuss recenl US dolo on levels ond growlh roles of eoch How do These figures compore lo recenl dolo from olher counlries Do dolo on levels ond growlh roles of GDP ond per copilo GDP provide odequole informolion for meosuring economic developmenl slolus GDP Gross Domeslic Producl lolol volue of OH final goods amp services produced in domeslic economy in o yeor Annuol ovg growlh role 3 Per capila GDP GDPTolol Populolion Avg onnuol growlh role 2 o The US hos lhe lorgesl GDP in The world 2 is Chino Olher foclors lo consider well being of counlry income dislribulion ond mobilily income is unequolly dislribuled in The US unemploymenl role inflolion role HH owenership of consumer goods Biomedicol dolo Humon copilol inslilulionol slobilly 8 Describe lhe hisloricol Trend of lhe reol GDP per copilo growlh role in The US Dislinguish lhis lrend from lhol of olher counlries The US hos hisloricolly hod o groduol moderole amp consislenl upword Trend in The role of reol GDP per copilo This is unusuol compored lo lhe unpredicloble flucluoling Trends of olher nolions 9 Over The losl lwo cenluries per copilo incomes in differenl regions of The US hove lended lo converge Exploin how The free migrolion of lobor ond copilol hos encouroged convergence 0 An INCREASE in woges in The labor EXPORTING region o DECREASE in woges in The labor IMPORTING region led lo convergence 0 A DECREASE in woges in The capilal EXPORTING region on INCREASE in woges in The capilal IMPORTING region olso led lo convergence lO Describe lhe dislribulion of income in The US using hisloricol ond currenl dolo Exploin The 3 moin foclors lhol hove conlribuled lo The rising income gop especiolly belween lhe lop quinlile ond lhe olher four quinliles since oboul T980 The distribution of income is becoming less equal l Technology and increase in demand for skilled labor 2 Globalization 3 Decline in Labor Unions ll How much income mobility exists in the US Use empirical research to support your answer There is much income mobility in the US Only 5l percent of those in the bottom quintile in l975 were there in l99l 29 percent had moved to the top fifth Cox amp Alm study shows that there is a lot of mobility in BOTH directions 12 Is a 0 rate of unemployment desirable Explain your answer If the Unemployment Rate was 0 there would be no frictional or structural unemployment rates along with no cyclical type we want to avoidcaused by recession unemployment 0 cyclical unemployment is a desirable policy goal but 0 overall unemployment is not desirable Total unemployment is not desirable because frictional unemployment is when people are moving from lower paying jobs to higher paying jobs Utilizing labor resources more which is good for the economy Structural unemployment is somewhat desirable because it means that people39s slltills do not fit the new technology which ultimately means the economy is growing in technology l3 Why is a moderate and predictable inflation rate important to economic development HINT Consider the impact of highunpredictable inflation on purchasing power market efficiency and credit markets High unpredictable inflation rates reduces peoples purchasing power bc their wages are not increasing with prices Investors can no longer predict inflation so they will stop investing which slows the market efficiency Currency is no longer desirable so people start bartering which destroys credit markets l4 Review Economic lnsight 29l and Figure 293 What do we learn from tracking the height of Americans over time What other biomedical data are useful in measuring economic development status Why Height combined with per capita real GDP gives us a better indication of the well being of the American citizens and the state of the economy Height is a major indicator of GDP because it is closely related to things like nutrition and disease which are related to income We learn from the table that the general trend is when heights increase income increases as well The health of a population indicates the health of its economy ther biomedicol focfors o Deofh roles from diseoses gt lower deofh rofes becouse of increosed use of onfibiofics ond heolfhier lifesfyles gtshows or growing economy 0 lnfonf morfolify gtdecline indicofes growing economy becouse of The ovoilobilify of prenofol ond ofher medicol core gtrofes in US ore low buf could be lower 0 Life exigecfon y gt increosing quolify of life indicofes o generol increose in economic growfh gtlife expecfoncy in US hos risen over fhe losf 60 yeors l5 Define fhe ferm humon copifol gt Acquired skills of fhe worlltforce l Whof ore fhe primory deferminonfs of economic developmenf sfofus Developmenf depends on whof you hove amp how you use if i Faclor Endowmenl resource endowmenf 3 moin cofegories of resources lond lobor ond copifol Copifol infermediofe goods fhof we use fo produce our finol producfs Building mochinery 2 Produclivily oufpuf per unif of inpuf Driving force behind increosed per copifo GDP Producfivify is fypicolly meosured ond reporfed os labor producfivify oufpuf per worker hour l7 Lisf ond fully describe eoch of The sources of producfivify growfh fhof we discussed in closs Be sure fhof you con define relevonf economic ferms Use exomples fo supporf your onswers o Technologx lncludes invenlion amp innovalion defined os odvonces in knowledge fhof roise oufpuf or lower cosfs ollows for more oufpuf from or given sef of inpufs o Exomple Poul Dovid s reseorch on fhe elecfric mofor cor Ford wos fhe firsf fo use d mechonized ossembly line using fhe elecfric mofor he innovofed fhe elecfric mofor fo mollte if more useful Specializalion amp Division of Labor ollowing worllters fo speciolize occording fo slltills amp obilifies ollows for more oufpuf per worker Realizalion of Economies of Scale if we increose oll inpuls by x fhen fhere will be on increose in oulpuls fhof is GREATER fhon x Thus fhe firm s LR ovg cosf per unif cosf folls os oufpuf rises Inveslmenl in Human Capilal lncludes educofion amp froining nufrifion amp heolfhcore o quot 39 39amp f 39 quot quot llows for l Beffer occounfing mefhods beffer infobeffer decisions 2 lnvenfory Confrol amp 3 Performonce bosed promotion amp poy for firms with omount of IT workers with p b poy ore MORE efficient l8 Why do institutions motter when exploining economic development Give some exomples of institutions thot con encouroge or discouroge development Why ore well estoblished ond enforced property rights fundomentol to o morlltet economy Institutions provide incentives thot offect choices amp con thus drive or limit productivity growth Some exomples of institutions thot con encouroge or discouroge development include Stoble amp limited government Relotively peoceful domestic amp internotionol relotions Secure money amp bonllting system Lows estoblishing amp protecting privote property rights Ivlorket oriented economy lf property rights ore not cleor amp well defined it could slow down the buyingselling process Potents encouroge innovotion amp provide on incentive for invention l9 Discuss efforts mode by Congress to privotize government lond in the lost holf of the l9quotlb century Use Toble l5l to describe trends in the number of forms ond form ocres during the some period In order to privotize government lond the government possed mony octs including the Homesteod Act of l862 These octs put the lond in the honds of the people thot work on them ond increosed the number of forms producing goods ropid economic growth The chort shows us thot the decodes of shorpest odvonce were the l870s ampl 890s ond totol lond under cultivotion more thon doubled between l870 ond T900 20 According to your text between l870 ond T900 less thon l ocre in 5 odded to forming belonged to homesteods p 262 Why did so few settlers choose to tollte odvontoge of the Homesteod Act during this period How wos the Act omended to oddress this problem Whot effect did the omendments hove on homesteoded ocres In most of these ploins amp mountoin regions or l60 ocre homesteod wos improcticol bc the lond being suitoble only for grozing livestocllt required much lorger forms The Generol Revision Act of l89l closed some of the 39loopholes39 ossocioted with the Homesteod Act At the turn of the century eorly l900s the Homesteod Act wos omended to ollow for procticol sized forms insteod of the l60 ocresperson ln T904 0 whole section which wos l sq mile or 640 ocres could be homesteoded in western Nebrosko The Enlorged Homesteod Act ollowed for the receiving of holf sections for free In l9l 6 fhe Sfocllt Rising Homesfead Acf allowed homesfeading 640 acres of land suifable for grazing livesfocllt only The resulf was a huge jump in farm and land ownership lacre5 before T900 of land used for farming rafio jumped fo 9acresl O bfw T900 and 1920 2i Whaf were fhe fhree principal goals of US land policy in fhe l8lb and l9quotlb cenfuries Describe fhe differenf fypes of individuals and enfifies fhaf gained confrol of public lands during fhis fime Discuss also cases where public land was acquired as a resulf of fraud The 3 goals were gov f revenue wide accessibilify or fairness and rapid economic growfh Ivlosf of fhe land was being given ouf based on special inferesfs Large corporafions and railroads were being given lofs of land along wifh sfafes Large granfs fo fhe sfafes were rafionalized in order fo enhance growfh for fransporfafion or educafional purposes Land was being fraudulenfly fallten by large mining or fimber companies fhey would bribe officials fo mallte enfries af min prices fhen fransfer fhe fifle or have land given fo fallte names Ulfimafely fhis proved beneficial fo fhe economy because if gave large companies fhe resources fo fallte advanfage of economies of scale 22 Were federal land policies in fhe US inefficienf Discuss how fhe views of hisforians and economic hisforians on fhis quesfion have changed over fime No fhere were some errors made fhaf led fo fhe failure of many American farmers buf fhe federal policies were nof necessarily inefficienf The rapid addifion of resources led farmers in fhe Wesf fo produce crops of a high role which led lo 30 years of falling prices Fogel and Rufner said fhaf fhe average ROR on fhings like land improvemenfs livesfocllt farm equipmenf efc equaled or exceeded RORs of ofher invesfmenfs of fhe lime and fhaf farmers39 real income was comparable fo fhose workers who were in fhe manufacfuring secfor 23 How did fhe make up of US commodify producfion change befween l869 and TB There was a fransifion from a mainly agriculfural lo a mainly manufacfuring economy befween l869 amp l899 Bofh secfors were growing during fhis fime period However manufacfuring oufpuf was growing more rapidly This fransifion caused much polifical sfrife 24 Review fhe informafion on agriculfural producfion affer fhe Civil War including producfivify changes fhaf led fo increased supply Use Table l52 fo describe any changes in oufpuf per acre oufpuf per worker and average farm size Whaf was fhe main source of increasing agriculfural oufpuf during fhis period Land producfivify remained fairly sfable corn slighf decrease wheaf slighf increase Therefore oufpuf per acre had lifer or no increase However There was increased acreage due To increased labor producTiviTy oquuT per worker BeTween T850 and T900 There was a 26 average increase in annual labor producTiviTy Labor producTiviTy had been increased due To The increased use of capiTal such as reapers The sTeel plow amp The Thresher For example The sTeel plow was beTTer suiTed for The dense clay soils of The IvlidwesT Even Though yields per acre changed liTTle mechanizaTion allowed farmers To add more acres To Their farms Thus expanding oquuT per farm BeTween T860 and T920 The number of people fed per farmer had almosT double This provides more evidence of The increase in labor producTiviTy ThaT had occurred Avg farm size amp avg oquuT per farm increased There were also increases in supply oquuT due To biological innovaTions such as new planT varieTies amp hybrids and oTher meThods of combaTing insecTs and planT disease IvlosT of These innovaTions however occurred afTer T920 25 Explain The economic benefiTs of Trade based on comparaTive advanTage and specializaTion Trade is beneficial as iT will raise The ToTal surplus of goods for The group If farmer A has a comparaTive advanTage over in raising corn he can do iT a more efficienT raTe and lower cosT and farmer B has a comparaTive advanTage over A in producing poTaToes Then A should specialize in corn and B should specialize in producing poTaToes WiThouT specializaTion The farmers would have To produce boTh for Themselves and would noT produce as much ToTal producT Trade is a win win siTuaTion Trade based on specializaTion in producTion of goods wiTh comparaTive advanTage resulTs in an INCREASE in ToTal surplus amp socieTal welfare 26 Use Map l5l To describe agriculTural specializaTion by region in The laTe T 7quotlb cenTury New England and The NE Dairy CenTral US General farming and mixed producTs SouThern US coTTon IvlidwesT corn and wheaT and grain and livesTocllt WesTern caTTle Florida fruiT 27 As l9quotlb cenTury US farmers increasingly specialized whaT new challenges did They face Be sure To consider research by Anne Ivlayhew and RoberT McGuire As l9quotlb cenTury US farmers increasingly specialized They became less self sufficienT Farmers became more relianT on marllteTs As buyers in The marllteT They relied on consumer goods capiTal farm machinery and land avg size of increased They became increasing relianT on The credil markeT To make purchases of These inpuTs as a resulf As or consumer in fhe morkef formers compefed ogoinsf o domesfic morlltef os well os on infernofionol morkef As nofed by Anne Mayhew fhe increose in form debf coused formers fo become increosingly vulneroble fo foreclosure when fhe price of speciolfy producfs dropped ln oddifion fo being more relionf on morkefs formers olso become more relionf on fronsporfofioanRs in order fo ship fheir goods fhey produced amp fhe goods fhey purchosedconsumed Luckily fronsporfofion cosfs generolly fell in fhe lofe l 800s Formers were more vulneroble fo price flucfuofions os 01 resulf of speciolizofion The reseorch done by Roberf McGuire exploins fhof formers were nof diversified Thus in fhe shorf run fhey could nof compensofe for price declines in speciolfy crops 28 Whof did US formers do wifh fheir surplus oufpuf in fhe lofe l 7quotlb cenfury Whof ore fhe pros ond cons for formers of becoming porf of o globol morkef Formers exporfed ony surplus fhof fhey hod in fhe l9fh c Pros oble fo sell fo 0 bigger group somefimes prices in fhe globol morlltef ore higher fhon fhe domesfic morkef CONS globol morlltef is whof defermines fhe price of goods lf 0 US former hos or good yeor producing wheof ond formers from ofher counfries olso have or good yeor of wheof producfion prices in fhe globol morlltef will be driven down leoving US formers vulneroble fo infernofionol morlltef forces Also US exporfers were subjecf fo ofher counfries39 foriffs ond lows Toriffs roise fhe prices of imporfed producfs so US formers hove difficulfy compefing wifh domesfic producfs in ofher counfries 29 How do economisfs define ond colculofe o producer s ferms of frode Terms of lrade Price of fhings fhe former sold fhe price of fhings fhe former boughf Or Wholesole form prices Consumer prices Adverse lerms of lrade meons fhe price of goods you sell is decreosing more ropidly fhof fhe price of goods you buy Terms of frode ore less fhon lOO lofe l800s chorocferized by deflofion 30 Use Tobles l53 ond l54 in your fexf fo describe formers income ond ferms of frode in fhe lofe l9quotlb cenfury How is if possible for formers incomes fo hove risen slighfly while fheir ferms of frode were becoming worse Price wos chonging of differenf roles such fhof fhe rofio of price of goods sold v price of goods purchosed wos offecfed in on odverse woy in fhe former39s ospecf For much of fhe lofe l800s ferms of frode were much less fhon lOO ond confinued fo foll The lafe I800s were generally characferized by deflafion Terms of frade for farmers were falling for much of fhe lafe I800s 3i Whaf economic problems relafed fo supply and demand did farmers experience in fhe lasf half of fhe T9fh cenfury Discuss fhe reasons behind fhe adverse ferms of frade fhaf farmers faced Be sure fo include a discussion of fhe price and income elasficify of food demand 0 Supply issues World agriculfural oufpuf increasing a Domesfic amp Infernafional oufpuf INCREASED 0 Demand issues US populafion rising increased D buf o Oufpuf growfh gt US pop Growfh INCREASED Sagrproducls was larger fhan INCREASED Dagr producls a Food demand is price inelasfic If PED gt I 9 price elasfic AQD gt AP If PED lt I 9 price Neasfic AQD lt AP 0 Food demand is income inelasfic Food is a normal good Increase in income 9 Increase in Dfood Forfood IED gt 0 If IED lt I 9 income Nelasfic If IED gt I 9 income elasfic 32 Discuss farmers39 percepfions abouf fhe source of fheir problems in fhe lasf half of fhe I9fh cenfury Where did farmers lay fhe blame for fheir problems and were fhese complainfs valid Use dafa and cliomefric research fo supporf your answer Farmers blamed fheir problems on banks RRs and manufacfurers of farm equipmenf because fhey did nof fully undersfand how fhe marlltef worllted Banks gtfarmers believed fhaf banks were fallting advanfage of fhem by charging fhem unnecessarily high unfair inferesf roles on loans Easfern Bank Conspiracy Inf Rafes EAST manf lt Inf Rafes WEST Ag Nominal Inf Rafe Real Inf Rafe exp d deflafion rafe exp d inflafion rafe Cliomefric Evidence Real inferesf roles in Wesf farming were higher fhan in fhe Easf manufacfuring However real inferesf rafes were falling for BOTH groups amp falling more rapidly in fhe WEST Ulfimafely fhe remaining inferesf rafes differenfial reflecfs fhe higher RISK associafed wifh farm loans No sysfemafic evidence of banking conspiracy or monopoly mngtfarmers fhoughf fhaf RRs were charging excessive freighf rafes fo haul amp sfore fheir goods


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