Economic History Of Europe Mid Term Part Two

Front 1

If there are no restrictions on the use of resources, individuals may over=exploit these resources and create

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a negative externality where social cost exceeds private cost

Front 2

One immediate consququence of the enclosure movement (privatizing or closing the commons) was to make the poorer sections of society

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worse off

Front 3

One long term consequences of the abolition of serfdom was to increase efficiency in the labor market so that today pretty much everyone is

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better off

Front 4

According to Persson, merchant guilds such as the German Hansa

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performed a useful role i defending the rights of members against violations of right in foreign cities

Front 5

Any particular institution that survives

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may happen to be efficient, may do so because it serves vested interests, may do so just by accident

Front 6

Where did capital market innovations first arise?

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City states of northern ireland

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Where did a tolerant mentality that provided a safe haven for talented immigrants forced from their homes by religious and political persecution first arise?

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Dutch Republic

Front 8

By the end of the seventeeth century constraints on the political executive characterized

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Dutch Republic and england

Front 9

Which part of the low countries remained under opressive spanish rules and entered long phase of economic decline until the industrial revolution

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the southern low countries

Front 10

Transaction costs would fall if

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courts are recognized for their impartiality, everyone speaks the same language, trust and commitment grow

Front 11

Which works bettter?

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A thick market

Front 12

As a consequence quite a few large firms can exert market power if unrestrained by competition authorities, national and supra national. on the other hand, it may be plausibly argued that the market power of large firms has often shrunk because

Back 12

markets have grown faster than the successful corporations that serve those markets, falling transport costs have helped foreign competitors to enter hitherto secluded national markets

Front 13

Which statements below are true

Back 13

serfdom typically developed in historical contexts of labor shortages such as the period after the population decline following the demise of the Roman empire.

The landowning elite, which also possessed a monopoly of physical power, had difficulties attracting labor to till the land in their possession because there was frontier land available which was fertile as the land owned by the landlords.

If labor were free to move it would and could negotiate a wage equal to its opportunity income on frontier land

If labors were as productive at the frontier land as on the landlord's estate, the workers pay would exhaust the entire output or value added on the estate.

Consequently the land rent would be zero.

Therefore landlords needed to restrict the mobility of workers, and that is exactly what serfdom is about

Front 14

Serfdom was inefficient becuase

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if there was a shortage of labor, the landlord's threat to evict poorly performing peasants was not credible and therefore peasants had every reason to shrink, which meant that the landlord had to monitor the work closely

Front 15

Which statements about the gradual dissolution of serfdom in Britain and most of western europe are true?

Back 15

Population growth led to land shortage, Land shortage forced free labor to cultivate less fertiles frontier land, That meant that the peasants' opportunity income fell, eventually to or below the wage offered by landlords. now landlords could negotiate with free peasants and obtain a positive land rent. In this process peasants were liberated from their bonds of serfdom and gained customary rights to the land they tilled and for which they paid a rent to landlords instead of performing labor sevices

Front 16

The end of serfdom in Prussia was

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initiated by a reform-minded elite inspired by liberal ideology

Front 17

Which statement below is false?

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open field agriculture has been fully explained by economic historians

Front 18

Which statement below is false?

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The residual claimants of a corporation include the bondholders

Front 19

Which statement below is false?

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it is easier to monitor work effort in agriculture than it is in industry because farms are usually smaller than factories

Front 20

According to ingrid henriksen, dairy cooperatives came to prevail over capitalist dairy firms in Scandinavia because the hold up power of milk suppliers could not be overcome through

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vertical integration between dairy firms and milk suppliers

Front 21

By the end of the nineteenth century, limited liability corporations existed in many countries. Generally speaking, the liability of investors was limited in respectof

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breaches of contract and torts

Front 22

Which statements is false

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sharecropping contracts were associated with higher output than fixed rent contracts

Front 23

For historians today a town in the middle ages

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is a settlement that contained a concentration of population of population where many occupations were followed, most of which did not involve direct agricultural production.

might contain fewer than 300 people

Front 24

Soon after 1300 there were near to

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700 english towns

Front 25

Research suggest that in the late 13th century the population of london was

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80-100,000 innhabitants

Front 26

IT is now estimated that in 1300, for the following two centuries

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near one in five english people lived in towns

Front 27

Th first phase of urbanization, the age of the wics, lasted for perhaps two centuries and a new generation of towns grew up around

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900

Front 28

By 1086 when Domesday made arather inconsistent survey of towns along with the rest if the country's resources, there were about 112 towns along where they lived

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almost a tenth of the population

Front 29

By 1806 an 1300 new towns were founded and existing ones grew so that the whole urban population grew at a faster rate than in the villages, culminating in

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a total of about a million town dwellers by 1300

Front 30

Towns developed

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at the same time that the manor was being formed and the landed aristocracy were establishing their power and wealth

Front 31

According to one observer

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a half of the inhabitants of towns could read English on the eve of the Reformation

Front 32

The expansion of commerce that was linked to the growth of towns had

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a profound impact on the landed aristocracy, a profound impact in the lives of everyone in England

Front 33

By 1300 English peasants

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were no longer self sufficent

Front 34

Whereas we used to believe that increasing number of people provided the dynamic force in the middle ages precipitating the crisis of the fourteenth century, population growth looks increasingly like

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a consequence, rather than a cause, of economic change

Front 35

Jan de VRies argues that households

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worked more and worker harder in the course of the long eighteenth century

Front 36

Jan de vries argues that household members were motivated in their industrious behavior

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more by new consumption aspirations than by bitter necessity

Front 37

In the 1960s Ester boserup described how population growth

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is the catalyst for the introduction of new agrarian techniques leading to intensified land use

Front 38

the term industrious revolution was first coined by akira hayami who used it in regard to the labor intensive technologies of

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Tokugawa Japan

Front 39

The key to achieving total productivity growth before the nineteenth century was found in

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the organization of the household as an economic entity

Front 40

which statements about real wages in Great Britain below are true

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They stagnated/ fell during the wars with france, 1793-1815

They rose in each decade from the 1820's through the 1890's

Front 41

The concept of the industrious revolution requires require us to shift our attention from the daily wages of individuals to the annual earnings of households, and our focus from the wage rate to

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the number of days paid employment by the year, the participation of wives and children in market oriented labor, the intensity of work effort

Front 42

Most estimated of the number of days officially available for work at the end of the fifteenth century are in

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the 250-60 range

Front 43

In most western countries, the five-day work week was introduced during

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1950-1960

Front 44

Engel's Law states that as incomes rise, the proportion of income spent on food

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declines

Front 45

Which category of european population rose steadily between 1500 and 1800 but fell rapidly during the nineteenth century

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rural non agricultural

Front 46

the growth of which factors facilitated an intensified commitment of rural household labor time to the market?

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agricultural specialization, proto-industry, women's participation in the manufacture of clothing and shopkeeping

Front 47

the avverage height attained by the generations who grew to adulthood declined in the 1780-1840 period. Which explanation does jan de vries prefer?

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the increased energy expenditure that accompanied intensified work effort

Front 48

In contrast to the industrious revolution model offered by Jan de Vries, the economic historian Robert W. Fogel prefer the explanation that

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workers found themselves too malnourished to contemplate the choice of more goods or more leisure

Front 49

what happened to the population and agriculture of europe between 200 and 600?

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the population fell significantly and cultivated areas contracted

Front 50

What happened to the population and agriculture of Europe between 600 and 850?

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the population rose significantly and cultivated areas expanded

Front 51

What happened to the population and agriculture of europe from around 950 until the arrival of the black death in 1347

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The population rose significantly and cultivated areas expanded

Front 52

What happened to the population of europe in the mid 14th century?

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it fell dramatically with the arrival of the black death

Front 53

Identify the two reasons listed above that would give rise to differences in comparative advantage

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areas of high population density could more efficiently produce labor intensive goods, which they exchanged for land-intensive produce from regions that were less densely settled

Resources and climatic conditions varied across Europe

Front 54

Identifty the three reasons listed above that would reduce transaction costs

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A nautical revolution iccured in the 13th and 14th centuries

Land transport improved

Trading houses arose that operated from one city with agents and factors in other places

Front 55

Which two became much cheaper

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Cotton and sugar

Front 56

Which four were previously unknown?

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cocoa, coffee, tea, and tobacco

Front 57

Which one became relatively less important?

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spices

Front 58

Which four commodities were exported in significant amounts to europe

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indigo, rum, sugar and molasses, and tobacco

Front 59

Which three statements best support the view that the dutch created the first modern economy?

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By the mid-1600s, amsterdam had become the commercial and financial center of europe and the world, the first true world entrepot

Only the 17th century dutch republic and 19th century

The united provinces were the first economy in europe to be no longer mainly agrarian

Front 60

Which two statements do not support the view that the Dutch created the first modern economy

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The assertion that the dutch created the first modern economy is based upon criteria of modernity that could perfectly fit the advanced economies of italy and the southern netherlands during previous centuries

The british industrial revolution represented a definite break with the past

Front 61

Who were the two innovators whom persson identifies as more skilled and orginal as entreprenuers than as researchers?

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Alfred Nobel and Guglielmo Marconi

Front 62

Which material became the most important material in the new era

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steel

Front 63

The economist william nordhaus has estimated that between 1800 and 1990, after taking into account quality improvements, the true price of light has fallen by

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between 3 and 4 percent per year, relative to convential measures of that price

Front 64

For european nations between 1870 and 1914, the annual rate of growth of GDP per capita is

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negatively correlated with GDP per head in 1870

Front 65

Which statement about Germany's growth in GDP per head over the 100 years from 1873 to 1973 is true?

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Once Germany got started, it performed better than both britain and the united states

Front 66

The hypothesis that low british investment pre- 1914 to do with high capital endowment pre laborer in britain is

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not valid because the capital stock per employee was surprisingly smaill in the UK compared to the united states