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A New Nation Economic History Trivia

What do you know about A New Nation Economic History?  Discover this US History Made Easy Economic Trivia quiz.  "Check Your Answers" at the end of the page.

Trivia powered by Prof. Walter1) The U.S. Constitution, adopted in 1787, established that the entire nation was a unified, or common market, with no internal tariffs or taxes on interstate commerce. Alexander Hamilton took a very broad view as the first Secretary of the Treasury on September 11, 1789. Hamilton was born on January 17, 1755. Where was Hamilton born?

  • Charlestown, Nevis, British West Indies
  • Charleston, New York
  • Charleston, South Carolina
  • Charles Town, Virginia

2) First Report on the Public Credit: Communicated to the House of Representatives, January 14, 1790 by Secretary of Treasury Alexander Hamilton. In the Report on Public Credit, the Secretary made a controversial proposal that would have the federal government assume state debts incurred during the Revolution. This would, in effect, give the federal government much more power by placing the country's most serious financial obligation in the hands of the federal, rather than the state governments.

  • True or False?

3) The Mint was created by Congress with the Coinage Act of 1792. Per the terms of the Coinage Act, the first Mint building was in Philadelphia, then the U.S. capital. It was the first building of the Republic raised under the Constitution. What federal agency was responsible for the min?

  • Defense Department
  • Labor Department
  • State Department
  • Treasury Department

4) The First Bank was a bank chartered by the United States Congress on February 25, 1791. The charter was for 20 years.  The Bank was created to handle the financial needs and requirements of the central government of the newly formed United States, which had previously been thirteen individual colonies with their own banks, currencies, financial institutions, and policies. The bank's charter expired in 1811 under President James Madison.  The bill to re-charter failed in the House of Representatives by one vote, 65 to 64, on January 24, 1811.  It failed in the Senate when Vice President William Clinton broke a tie vote that February 20, 1811.

  • True or False?

5) The United States Revenue Cutter Service was established by Secretary of the Treasury Alexander Hamilton in 1790 as an armed maritime law enforcement service. Throughout its entire existence the Revenue Cutter Service operated under the authority of the United States Department of the Treasury. The Service merged with the United States Life-Saving Service to form the United States Coast Guard.  What year did the cutter service merge with the Life-Saving Service?

  • 1815
  • 1865
  • 1915
  • 1945

6) One of the principal sources of revenue Hamilton prevailed upon Congress to approve was an excise tax.  What product was the excise tax on?

  • Corn
  • Iron
  • Tobacco
  • Whiskey

7) The Great Falls of the Passaic River, New Jersey was the site of the first water-powered cotton spinning mill in New Jersey. In 1812, it was the site of the state's first continuous roll paper mill.  What was NOT a product from the Passaic River site?

  • Rogers Locomotive Works (1832)
  • Colt revolver (1837)
  • USS Holland (SS-1) (1898).
  • Riverside Stagecoach (1864)

8) In 1801, however, Thomas Jefferson became president and turned to promoting a more decentralized, agrarian democracy called Jeffersonian democracy. (He based his philosophy on protecting the common man from political and economic tyranny. He particularly praised small farmers as "the most valuable citizens.") However, Jefferson did not change Hamilton's basic policies.

  • True or False?

9) Thomas Jefferson held that the economy of the United States should rely more on agriculture for strategic commodities than on industry. He feared industrialization would leave the American people vulnerable to political subjugation and economic manipulation. What was Jefferson�s solution?

  • Graduated income tax
  • Social security
  • Whiskey tax
  • Cotton tax

10) Second Bank of the United States provided a way for the government to handle its financial affairs.  The bank was created when James Madison and Albert Gallatin found the government unable to finance the country in the aftermath of the War of 1812.  The War of 1812 had put the United States in significant debt, and the First Bank of the United States had closed in 1811.  The Second Bank on the United States was charted by Congress in 1816.  When did the charter of the bank expire?

  • 1826
  • 1836
  • 1846
  • 1856

Check Your Answers

A New Nation Economic History Trivia [Answers]

  1. Charlestown, Nevis, British West Indies
  2. True
  3. State Department
  4. False. It was Vice President George Clinton who broke the tie vote.
  5. 1915
  6. Whiskey
  7. Riverside Stagecoach (1864)
  8. True
  9. Graduated income tax
  10. 1836

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