1.Which was not a way in which tariffs hurt the South?

a. Southern produced products lost US market share.

b. The tariffs raised the price of imported goods to consumers.

c. England had less money with which to purchase American made goods.

2.In the 1850s, the growth rate of real wages in U.S. manufacturing slowed to nearly zero because

a. the demand for manufacturing labor and the supply of manufacturing labor increased by approximately the same amount during this period.

b. the demand for manufacturing labor and the supply of manufacturing labor decreased by approximately the same amount during this period.

c. the demand for manufacturing labor increased more rapidly than the supply of manufacturing labor during this period.

d. the demand for manufacturing labor increased while the supply of manufacturing labor decreased during this period.

3.As a result of the relatively low female-to-male wage ratio in early-1800s New England,

a. the supply of women willing to work in factories increased.

b. the supply of women willing to work in farming declined.

c. the wages of female farm labor rose.

d. the North industrialized more quickly than the South.

e. All of the above.

4.What is typically not considered a characteristic of a central bank?

a. The bank backs its currency with gold or silver.

b. The bank has considerable control over the stock of money and uses this control to moderate fluctuations in credit conditions and prices.

c. The bank regulates other banks.

d. The bank lends a lot of money to the government.

e. The bank serves as a lender of last resort to other banks by lending them money when no one else will.