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D.Education

profreadm02C

Dimitris Sclias

To complete the test you have to answer all the questions.
Time allowed to complete the test (all the questions) 10 minutes.
Do not waste any time, if you can't answer one question, guess it and continue.
You must try to complete the test within the time limit, otherwise you'll have to take the test again.
To pass the test successfully you must get at least 80% correct answers.

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question 1

profreadm02 part 3c

Read the passage and answer the questions that follow by choosing the
correct answer a, b, c or d. -> only one answer is correct.

The American economy in the period after the Napoleonic Wars was based on a land boom. On the one side of the Atlantic were undeveloped soils of an immense fertility; on the other, a Europe denuded and famished by the marching and countermarching of half the armies of the world. From these premises Americans deduced a future which - even for a people notably addicted to flutters in real estate - was more than usually optimistic. Nobody bothered to consider the fact that Europe had an agriculture of its own, and that agriculture was resilient. Aided by a government policy that encouraged the purchase of the public domain on credit, and by the swelling vigor of the westward movement an immense land speculation began. It was financed by one of the most extraordinary emissions of dubious paper money in the history of the modern world. From 1815 to 1818 the bubble grew and grew. For nearly three years it resisted the pressure of a general decline in world prices, of the British Corn Laws, of the obstinate resistance of the European consumer. But in the middle of 1818 it began visibly to tremble; and with the collapse of cotton it broke. Land values dropped suddenly from fifty to seventy-five percent; the prices of staples fell accordingly; speculator, merchant, farmer, migrant were involved in a common chaos. Looking around for a scapegoat, the country saw one institution that seemed to have encouraged and profited by this disaster; and that institution was the Second Bank of the United States.

91. The most important factor in the American economy after the Napoleonic war was...
a. steadily rising land prices
b. a strong agriculture
c. the impoverishment of European agriculture due to war
d. steadily falling land prices

92. Americans at that time tend to....
a. underestimate Europe's strength
b. be over-optimistic about their own industrial future
c. underestimate the strength of European agriculture
d. discount Europe as a serious economic challenge

93. The United States government...
a. encouraged people to save their money
b. encouraged people to borrow money to buy land
c. wanted people to buy land but discouraged credit
d. did nothing to encourage or discourage the buying of land

94. Impetus was given to land speculation by...
a. issues of counterfeit money
b. a government policy of easy money
c. a rise in agricultural prices
d. large sums of money from abroad

95. As a result of the collapse in land speculation...
a. the American and European economies were ruined
b. food prices rose alarmingly
c. the second bank of the United States profited enormously
d. all classes of American society suffered greatly

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