The Panic of 1837

question 1

Multiple Choice

The Panic of 1837:

• A) inspired a more vigorous labor movement in the decade that followed.
• B) led to a relatively mild economic downturn that resolved itself by 1839.
• C) can only be blamed on Andrew Jackson's veto of the bill to recharter the Second Bank of the United States.
• D) was caused, in part, by a decline in British demand for American cotton.

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Definitions:

Equity

The value of an asset after deducting what is owed on it, or the ownership interest in a company as held by shareholders.

Tax Revenue

The income that is collected by the government through various forms of taxation, including income taxes, corporate taxes, and sales taxes, which is then used to fund public services and government operations.

Equilibrium Price

The market price at which the quantity of goods supplied is equal to the quantity of goods demanded.

Consumer Surplus

The gap between what consumers are prepared and can afford to pay for a product or service versus what they end up paying.