Answer the Following Questions

question 63

Multiple Choice

Answer the following questions:
-debt peonage

• A)The movement to fence in fields in order to farm more effectively, at the expense of poor peasants who relied on common fields for farming and pasture.
• B)A stage of industrial development in which rural workers used hand tools in their homes to manufacture goods on a large scale for sale in a market.
• C)The shift that occurred as families in northwestern Europe focused on earning wages instead of producing goods for household consumption; this reduced their economic self-sufficiency but increased their ability to purchase consumer goods.
• D)The forced migration of Africans across the Atlantic for slave labor on plantations and in other industries; the trade reached its peak in the eighteenth century and ultimately involved almost 12 million Africans.
• E)The eighteenth-century system of rural industry in which a merchant loaned raw materials to cottage workers, who processed them and returned the finished products to the merchant.
• F)A form of serfdom that allowed a planter or rancher to keep his workers or slaves in perpetual debt bondage by periodically advancing food, shelter, and a little money.
• G)A belief in free trade and competition based on Adam Smith's argument that "the invisible hand" of free competition would benefit all individuals, rich and poor.
• H)A series of English laws that controlled the import of goods to Britain and British colonies.
• I)The transformation of large numbers of small peasant farmers into landless rural wage earners.
• J)The treaty that ended the Seven Years' War in Europe and the colonies in 1763 and ratified British victory on all colonial fronts.
• K)The organization of artisanal production into trade-based associations, or guilds, each of which received a monopoly over its trade and the right to train apprentices and hire workers.

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Definitions:

Money Supply

The entirety of monetary assets present in an economy, such as cash, coins, and balances in checking and saving accounts, at a certain point in time.

Rational Expectations Theory

The hypothesis that individuals form future expectations on the basis of all available information, and thereby consistently predict future conditions accurately.

Rate Of Inflation

The annual percentage increase in the general level of prices for goods and services in an economy.

Business Expectations

The anticipations or outlooks of businesses regarding future economic conditions, which can influence their decisions on investment, hiring, and production.