©SIRJOEL 2024/2025 ALL RIGHTS RESERVED.
ECON 2060 Test 1: Colonial Economy Exam
Questions And Answers 100% Guaranteed
Pass.
Population super explosion (percent average annual growth rate 1640-1775) - Answer✔3.5%
Colonial society could be described as? (3 words) - Answer✔burgeoning dynamic society
Thomas Malthus - Prince of Population (3) - Answer✔-posited that the relationship between BR
and DR is the key marker in the level of well-being and a measure of economic well-fare
-posited that population needed to be curtailed so population growth doesn't outstrip resources
-birth rate is accelerator, death rate is brake
positive check - Answer✔something that stops the economy from growing
preventative check - Answer✔something that stops the population from growing
subsistence level - Answer✔level of basic wellbeing, essentially continuous poverty
What allowed for constant population growth in colonial America? (3) - Answer✔-High birth
rate that outpaced death rate each year
-population was not volatile
-No famines, low death rate
How was Colonial America in high-level equilibrium? (3) - Answer✔-not a typical developing
economy
-no famines, preventive checks, positive checks
-resources were not finite as volume of resources grew as new territory was settled, resources
outpaced population growth
stasis - Answer✔a period or state of inactivity or equilibrium
Although it is theoretically impossible, the colonial economy was both _____ and had ______. -
Answer✔dynamic stasis
1|Page
, ©SIRJOEL 2024/2025 ALL RIGHTS RESERVED.
North American Birth Rate (births per thousand individuals) - Answer✔At 40-50, the North
American birth rate was close to the theoretical max birth rate of 55
North American Death Rate (deaths per thousand individuals) - Answer✔15-25
What lead to the high birth rate in North America? (5) - Answer✔-Gender balance
-People married young, which allowed for longer fertility within marriage
-high wages encouraged having children
-abundance of land lead to an abundance of food, which increased overall nutrition, which in
turn made colonists less susceptible to disease, better prepared women for child birth
-cheapness of land made owning land more accesible. because land required labor, owning land
incentivized having children
Revealed preference - Answer✔decisions that reveal preference
Why did people leave the Old World for the New? (4) - Answer✔-Opportunity: people who
leave know what they're leaving, but not necessarily where they're going. this creates a potential
for future improvement and is what prompts them to leave
-Pull factors (associated with place of destination)
-Financial: cheap land, high wages
-Social mobility
-Cheap labor
-Push factors (associated with place of origin)
-Debts
-Political Freedom
-Enslavement
-Chain Migration: people who have made the migration write back to those in the Old World
encouraging migration to the New World. This reduces the degree of uncertainty, decreases
unknown potential, creates informed potential
-results from entire communities in the Old World migrating to the same communities in the
New World
Chain Migration - Answer✔migration in which information flows back and forth
Ravenstein's Laws (6) - Answer✔-analyzed migration flows in the New World
-people who migrate are more likely to be males than females
-more likely to be young adults
-literate people are more likely to migrate than illiterate people
2|Page
ECON 2060 Test 1: Colonial Economy Exam
Questions And Answers 100% Guaranteed
Pass.
Population super explosion (percent average annual growth rate 1640-1775) - Answer✔3.5%
Colonial society could be described as? (3 words) - Answer✔burgeoning dynamic society
Thomas Malthus - Prince of Population (3) - Answer✔-posited that the relationship between BR
and DR is the key marker in the level of well-being and a measure of economic well-fare
-posited that population needed to be curtailed so population growth doesn't outstrip resources
-birth rate is accelerator, death rate is brake
positive check - Answer✔something that stops the economy from growing
preventative check - Answer✔something that stops the population from growing
subsistence level - Answer✔level of basic wellbeing, essentially continuous poverty
What allowed for constant population growth in colonial America? (3) - Answer✔-High birth
rate that outpaced death rate each year
-population was not volatile
-No famines, low death rate
How was Colonial America in high-level equilibrium? (3) - Answer✔-not a typical developing
economy
-no famines, preventive checks, positive checks
-resources were not finite as volume of resources grew as new territory was settled, resources
outpaced population growth
stasis - Answer✔a period or state of inactivity or equilibrium
Although it is theoretically impossible, the colonial economy was both _____ and had ______. -
Answer✔dynamic stasis
1|Page
, ©SIRJOEL 2024/2025 ALL RIGHTS RESERVED.
North American Birth Rate (births per thousand individuals) - Answer✔At 40-50, the North
American birth rate was close to the theoretical max birth rate of 55
North American Death Rate (deaths per thousand individuals) - Answer✔15-25
What lead to the high birth rate in North America? (5) - Answer✔-Gender balance
-People married young, which allowed for longer fertility within marriage
-high wages encouraged having children
-abundance of land lead to an abundance of food, which increased overall nutrition, which in
turn made colonists less susceptible to disease, better prepared women for child birth
-cheapness of land made owning land more accesible. because land required labor, owning land
incentivized having children
Revealed preference - Answer✔decisions that reveal preference
Why did people leave the Old World for the New? (4) - Answer✔-Opportunity: people who
leave know what they're leaving, but not necessarily where they're going. this creates a potential
for future improvement and is what prompts them to leave
-Pull factors (associated with place of destination)
-Financial: cheap land, high wages
-Social mobility
-Cheap labor
-Push factors (associated with place of origin)
-Debts
-Political Freedom
-Enslavement
-Chain Migration: people who have made the migration write back to those in the Old World
encouraging migration to the New World. This reduces the degree of uncertainty, decreases
unknown potential, creates informed potential
-results from entire communities in the Old World migrating to the same communities in the
New World
Chain Migration - Answer✔migration in which information flows back and forth
Ravenstein's Laws (6) - Answer✔-analyzed migration flows in the New World
-people who migrate are more likely to be males than females
-more likely to be young adults
-literate people are more likely to migrate than illiterate people
2|Page
