TXMI 4540 - Quiz #1 February 16, 2012 Name:________________________________

I.

(answer 9 for 36 points) Matching: In each blank, put one of the large letter terms (from the separate page) that best fits the small letter term. a. tariff ____ b mercantilism ____ c. Smoot-Hawley Law ____ d. the leading country in the world in manufacturing in 1850 ____ e. capitalism ____ f. logistics ____ g. comparative advantage in production ____ h. Laws in the UK intended to protect high prices for wheat ____
i. j. k. A well-know painter, he made long distance communication possible when his invention was tied to telegraph lines. His significant improvement of a power source made possible the location of factories anywhere, as well as greatly improved speed of transport on land (railroads) and on the sea ____ ____

l. m. n. o. p.

the Enlightenment Treaty of Versailles Professor of Moral Philosophy at Glasgow University hukou wrote the Essay on Population that predicted natural and unhappy limits to populations. protectionism

____ ____ ____ ____ ____ ____

II. (80 points) Fill in the Blanks - Answer 20 of them. You must circle the number of each question
that I should grade: 1. This man is Chairman of the U.S. Federal Reserve Board ____________________________ 2. The Secretary of the Treasury in the Obama administration is ___________________________ 3. The cotton grown in the southeastern United States is ____________ ____________. 4. ___________________________________ is the primary reason that cotton production in the South took off in the early nineteenth century. 5. Most of the cotton grown in the high plains of Texas is exported to _______________. 6. The system of government where the production of goods and services is controlled by the government, but private property is allowed is called ______________________________. 7. A countrys roads, trains, airplane system, communication systems and general ability to move information and products is called its ___________________________. 8. The three largest countries (population) in the world: a._____________________, b. ____________________________, c. ________________________ 9 ______________________ is the economic principle of the government staying out of

business and letting things proceed as they may (hint - French term). 10. List the two largest economies in the world: ___________________, _________________ 11. What is the defining difference between socialism and communism? _________________________________________________________________________ 12. The man who improved the steam engine to the extent that it became a practical power source that drove the industrial revolution was ______________________. 13. What was the year (roughly) when cotton production in the South started to increase significantly? ___________ 14. This town is the center of the Silicon Valley of cotton production. _______________________________ 15. The real Silicon Valley, which is where Apples headquarters is located, is ____________________________________________________ 16. The Speaker of the U.S House of Representatives is always the House leader of the majority party. Now, that person is __________________________________________ Interestingly, the Speaker is second in line if the President were to die in office, be convicted after impeachment, or resign. This is how Gerald Ford ultimately became President after VP Agnew and then President Nixon both resigned from their offices. 17. The founder, and the leader of the Communist Party of China until his death in 1976, was ______________________ 18. The man who opened up China to foreign investment and encouraged private companies was _____________________________________ 19. These laws, _______________________________, were enacted to keep wheat imports out of the UK and thereby keep wheat prices high. This benefitted the landowning farmers, but hurt the poor whose bread prices stayed artificially high 20. The Vice President of the United States is _______________________________ 21. The Majority Leader in the Senate is _________________________ . He is a Senator from ___________________. 22. Friedrich Hayek was a native of what country? __________________________________ 23. Where were he and John Maynard Keynes colleagues during WW II? _____________________ 24. Milton Friedman won a Nobel Prize for Economics, and was very influential in the Reagan administration. At what university was he a faculty member? ________________________ 25. The study of GDP, unemployment, price indices and their effects on the economy is called _________________________________. Keynes is considered the father of this area of study. 26. The name of the famous book written by Friedrich Hayek, that Margaret Thatcher claimed to have been inspired by, was ___________________________________ 27. A farmer who does not own his land, and must pay the landowner a portion of his crop in return, is called a _____________________________

28. The method used in China to control where a person can live with full social benefits is called ___________________________ 29. A payment from government to a farmer or manufacturer for producing a certain product is called a ________________________ 30. What country could become #2 biggest garment exporter within a few years ___________________ 31. When did the Chinese Communist Party take over in China? ____________ 32. The genetic modification done to create genetically modified cotton (GM) that creates a toxin in the cotton plant that kills the bollworm is called ______________________________ III.From the readings (answer 10 for 30 points): 1. Name two countries in the top five exporting cotton clothing and household goods to the U.S. _____________________, ______________________ 2. Who was the British Prime Minister who broke the power of the coal miners union in the UK? _______________________ 3. Several textile manufacturers, such as Top Form International, are moving their operations from China to other countries. Name one of the popular destinations. ________________________ 4. The concept that a country will produce and export products that use the lowest amount of labor time relative to foreign countries is called ________________________________________ 5. The cotton gin was invented by _____________________ in what state? ____________________ 10. The trade barriers designed to protect cereal producers in the UK against competition from less expensive foreign imports between 1815 and 1846 were called ______________________________ 11. Name two historical characters that were central parts of The Enlighenment of the mid to late eighteenth century ____________________________, ___________________________ 12. Georgia ranks ________________ in cotton production in the United States. 13. What regional area of Georgia has the counties with the greatest acreage of cotton? ______________________________ 15. The years of the destructive Cultural Revolution in China were _____________________ 16. When did the Tiananmen Massacre occur? ______________________________ 17. What prevented the Keating-Owen Act of 1916 from going into effect. The act would have created federal protection for children in the work place. _________________________________________________________________________________ 18. Why is it that low cost goods for Walmart and K-Mart are likely to be made in Bangladesh rather than China in the future? _____________________________________________________________

. IV. (14 points) Answer one of these on the back or this sheet with a paragraph or two each. Write clearly and with complete sentences! 1. How did the invention of the cotton gin affect the growth of cotton production in the South, and how might that invention said to have prolonged the system of slave labor on the cotton plantations? How do subsidies affect our growing of cotton, and how do they affect the world market in cotton? Contrast and explain the differences in cotton growing in Georgia (exemplifying the Deep South) and the Texas high plains

2. 3.

II. (40 points) Discussion. Answer one of the following questions well!; clear explication, grammar, composition and spelling do matter. Write legibly! Write on the blank page. 1. 2. 3. Discuss the ideas of John Maynard Keynes and Friedrich Hayek on the role of the government in an economy. Apply those ideas to the questions of free trade and protectionism in international trade. Explain how chemical, mechanical and biological (genetic) advances have increased the yields of cotton growing. Discuss how the story of labor in the cotton industry has parallels in Great Britain, New England, the Deep South and Asia Use these for filling in the matching question:
a. b. Tax on imports Legislation that was intended to protect jobs during the depression

c. Economics system based on private control of means of production d. David Ricardo e.. James Watt f. g. h. i. j. A tax on apparel sold at retail Based on belief that domestic industries must be favored over imports The idea that a countrys wealth depends on accumulation of assets. Does not focus on two-way trade. Treaty that ended the Revolutionary War Ended WWI, but its harsh provisions probably inadvertently to the rise of Hitler, because of the terrible economic consequences that it engendered in Germany

k. Adam Smith l. Law that banned the importation of British textiles after the War of 1812 m. Ended the Napoleonic Wars, and caused the Louvre to be established. n. o. philosophy based on needs and results, rather than ideas or ideology. Thomas Malthus

p. Ian Anderson q. The period that coincided with The Age of Reason, roughly 1750-1780. r. the registration dealing with a persons place of birth in China s. t. Japan United Kingdom

u. moving products through the manufacturing and distribution pipeline to their final destination v. law passed in 1930 that raised tariffs very significantly in the US and made the Great Depression worse w. Corn Laws x. Samuel F.B. Morse y. system in China used to control where people can live with full resident rights