Question 1

George lives in fifteenth-century England.He is bound to the land but does not own it.He works the land but must give a portion of his harvest to the landowner.In return,he gets protection from roaming bandits and thieves.George is a:

Accepted Answer

A serf is a peasant who is bound to the land and obligated to provide labor and a portion of their harvest to their lord, in exchange for protection and the right to work the land. Slaves are owned and treated as property, lords are landowners with serfs on their land, and vassals are lower-ranking nobles who owe loyalty and military service to their lord.

Question 2

How did the enclosure movement change the economy in the early Tudor period in England?

Accepted Answer

The enclosure movement consolidated small landholdings into larger farms, leading to the displacement of peasant farmers. This resulted in a migration of displaced rural workers to urban areas, creating a new pool of labor for emerging industries.

Question 3

Adam Smith argues that money is inherently social because:

Accepted Answer

Any and all economic exchange requires two partners.

Question 4

The dominant economic system before the agricultural revolution was:

Accepted Answer

Before the agricultural revolution, the dominant economic system in Europe was feudalism. Feudalism was a system of land ownership and social hierarchy, where lords controlled and managed the land, and peasants worked on the land to produce goods and provide services to the lords in exchange for protection and a share of the harvest. The enclosure movement, the post-Industrial Revolution, and the service sector were all developments that came later in history.

Question 5

According to the textbook,in a capitalist economic system,the price and distribution of goods and services are determined by what?

Accepted Answer

In a capitalist economic system, the price and distribution of goods and services are primarily determined by competition among producers and consumers. Producers compete to sell their products at the highest possible price while consumers compete to buy goods and services at the lowest possible price. This competition ultimately determines prices and distribution of goods and services in the marketplace, with supply and demand exerting significant influence.

Question 6

You are the lord of an estate.During the enclosure movement in Tudor England,what did you likely do with some of your common land?

Accepted Answer

During the enclosure movement, lords would often kick off commoners who had used the land for grazing in order to enclose and privatize the land for their own agricultural or commercial purposes.

Question 7

Monetization refers to:

Accepted Answer

Monetization refers to the process of establishing a widely accepted currency for exchange, allowing goods and services to be traded efficiently.

Question 8

What effect did the agricultural revolution in Europe have on the transition to capitalism?

Accepted Answer

The agricultural revolution in Europe, which began in the 18th century, increased agricultural productivity and allowed for surplus food production. This surplus allowed for the growth of cities and the development of industries. As a result, capitalism was able to develop more rapidly, as there was a greater supply of labor and goods for markets.

Question 9

During the agricultural revolution,the enclosure movement caused many former serfs to move to cities in search of work and led to the rise of:

Accepted Answer

The enclosure movement led to the consolidation of small farms into larger ones owned by wealthy landowners. This forced many former serfs to leave their farms and seek work in urban areas. With a surplus of labor, employers were able to pay workers wages instead of providing them with land. This gave rise to wage labor, which became the dominant form of labor during the industrial revolution.

Question 10

On a feudal estate,Bob is the lord,Jim is the vassal,Tom is the serf,and Frank is the knight.Who receives the profits from the agricultural activity on the land?

Accepted Answer

The answer of On a feudal estate,Bob is the lord,Jim...

Question 11

Adam Smith,the father of liberal economics,determined that groups of individuals pursuing their own self-interest manage to stay intact and not fall into the chaos of civil strife because:

Accepted Answer

Adam Smith believed that individuals pursuing their own self-interest in an environment where others are acting similarly would lead to competition. This competition, in turn, would lead to market forces regulating the economy and preventing chaos or civil strife. Therefore, option B is the best choice.

Question 12

What happened to many serfs as a result of the enclosure movement?

Accepted Answer

The enclosure movement involved the fencing off of common lands, which were previously used by many serfs for grazing and farming. As a result, these serfs were often evicted from the land and lost their ability to sustain themselves independently.

Question 13

The rise of large-scale production,the influx of peasants to urban areas to find work,and the rise of a system of wage labor caused the ____________ system to become obsolete in favor of a new system of legal currency.

Accepted Answer

The rise of large-scale production and wage labor meant that people no longer relied solely on bartering goods and services, and instead used legal currency to purchase what they needed. The influx of peasants to urban areas also made bartering more difficult, as goods were harder to come by and there was a greater need for transactional convenience.

Question 14

Adam Smith demonstrated with his pin factory example that:

Accepted Answer

With the pin factory example, Adam Smith showed that by dividing labor, factory production could increase output by making it more efficient. This is evident in how by breaking down the process into simple tasks which could be repeated over and over again by specialized workers, the production of pins was increased from a mere handful to several thousand a day.

Question 15

The agricultural revolution was spurred on by new innovations such as:

Accepted Answer

The agricultural revolution was largely spurred on by innovations such as new methods of crop rotation, which increased yields and allowed for more sustainable farming practices. The steam engine, factories, and the lightbulb were important innovations during the Industrial Revolution, which followed the agricultural revolution.

Question 16

At the end of the eighteenth century and the beginning of the nineteenth century,a massive transition was propelled by the development of new technologies,including:

Accepted Answer

The power loom and steam engine were two of the most significant technologies developed during the Industrial Revolution, which occurred at the end of the eighteenth and beginning of the nineteenth century. These inventions allowed for increased production and efficiency in textile manufacturing, leading to the growth of factories and mass production. The cotton gin and distiller were developed earlier in the eighteenth century, and the telephone and telegraph were developed later in the nineteenth century. Motorcars and tractors were not developed until the twentieth century.

Question 17

Under feudalism,what was one of the major resources exchanged among lords,vassals,and serfs?

Accepted Answer

The answer of Under feudalism,what was one of the major...

Question 18

Jenny lives in a society in which there is a strong norm against mixing business with pleasure.Work and leisure activities are physically separate,occurring at different times,on different days,at different places,and often with different people.Jenny lives in a ____________ society.

Accepted Answer

Jenny's experience reflects characteristics of a modern capitalist society, where there is a clear delineation between work and leisure, both in terms of time and space. This separation is less pronounced in feudal, premodern agricultural, and communal societies, where work and social life are more integrated.

Question 19

According to Adam Smith,the most efficient way to produce something is:

Accepted Answer

Adam Smith believed that the best way to increase productivity and efficiency was through a division of labor, breaking down the production process into small, specialized tasks that could be performed by different workers. This allowed for workers to become proficient and specialized in their specific tasks, leading to increased speed and efficiency in production. This idea is famously exemplified in his example of the pin factory, where workers each had a specific task in the production of pins, ultimately leading to a significant increase in productivity.

Question 20

Serfs were the lowest class in the feudal system and were bound to the land they worked,yet they were not slaves.They were different from slaves because they:

Accepted Answer

Serfs were able to own property, unlike slaves who were considered property themselves.

Quiz 14: Capitalism and the Economy