AMH 2010 Exam 1 UPDATED Exam
Questions and CORRECT Answers
Agarian / Commercial Economy - CORRECT ANSWER - Agriculture and trade in
agricultural products and artisan made goods were dominant
Industrial / Service Economy - CORRECT ANSWER - The machine manufacture of
goods and the providing of services (doctor, legal, educational) are the dominant economic
activities
Economic Determinism - CORRECT ANSWER - The economic structure of a society and
the role of economic elites in that society determine the nature and development of all other
structures (political, social, legal, cultural) in a society
Mercantilism (monopoly capitalism) - CORRECT ANSWER - Emphasis on trade (laissez-
faire), particularly trade monopolies to acquire wealth
Smith's Wealth of Nations - CORRECT ANSWER - That supply and demand will lead the
economy according to natural laws. That in laissez-faire economies the merchants can control the
market. Competition in a free market would increase productivity, determine prices, and guide
capitalism's maximizing drive for profits
Medieval European Classes - CORRECT ANSWER - Nobles/Aristocrats: Military service
to the king earns one a fief, a grant of land.
Clergy (2%): A class deriving from the Catholic Church which had termendous spiritual and
political power in Medieval Christian society.
Commoners (95%): Anyone who wasn't a noble or cleric. They performed the work of society.
Serfs were peasants who worked and lived at the estate of their master. They couldn't leave as
they owed they owed labor services to the lord
Economic power of merchant middle class - CORRECT ANSWER - The middle class
merchants begun as dirt poor commoners but the revival of trade in the 11th century earned them
wealth which gained them political and social rights in exchange for financial and administrative
Questions and CORRECT Answers
Agarian / Commercial Economy - CORRECT ANSWER - Agriculture and trade in
agricultural products and artisan made goods were dominant
Industrial / Service Economy - CORRECT ANSWER - The machine manufacture of
goods and the providing of services (doctor, legal, educational) are the dominant economic
activities
Economic Determinism - CORRECT ANSWER - The economic structure of a society and
the role of economic elites in that society determine the nature and development of all other
structures (political, social, legal, cultural) in a society
Mercantilism (monopoly capitalism) - CORRECT ANSWER - Emphasis on trade (laissez-
faire), particularly trade monopolies to acquire wealth
Smith's Wealth of Nations - CORRECT ANSWER - That supply and demand will lead the
economy according to natural laws. That in laissez-faire economies the merchants can control the
market. Competition in a free market would increase productivity, determine prices, and guide
capitalism's maximizing drive for profits
Medieval European Classes - CORRECT ANSWER - Nobles/Aristocrats: Military service
to the king earns one a fief, a grant of land.
Clergy (2%): A class deriving from the Catholic Church which had termendous spiritual and
political power in Medieval Christian society.
Commoners (95%): Anyone who wasn't a noble or cleric. They performed the work of society.
Serfs were peasants who worked and lived at the estate of their master. They couldn't leave as
they owed they owed labor services to the lord
Economic power of merchant middle class - CORRECT ANSWER - The middle class
merchants begun as dirt poor commoners but the revival of trade in the 11th century earned them
wealth which gained them political and social rights in exchange for financial and administrative
