AP World History : Trade, Commerce, and Market Competition 1750 to 1900

Study concepts, example questions & explanations for AP World History

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Example Questions

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Example Question #1 : Trade, Commerce, And Market Competition 1750 To 1900

What field of study is Adam Smith credited with creating?

Possible Answers:

Sociology

Psychology 

Anthropology 

Economics

Correct answer:

Economics

Explanation:

Adam Smith was a prominent academic in the 1700's. He is considered to be the father of the field of economics. He was a prolific writer and theorist on the subject of wealth and how nations economic policies affect each other.

Example Question #2 : Trade, Commerce, And Market Competition 1750 To 1900

What seminal economic text was written by Adam Smith?

Possible Answers:

Masters of Mankind: Essays and Lectures

The Role of Monetary Policy

Wealth of Nations

A Theory of the Consumption Function

Correct answer:

Wealth of Nations

Explanation:

Wealth of Nations was a book written by Adam Smith in 1776. In it Smith describes the outline for how a nation becomes wealthy and how the division of labor falls within a wealthy vs. non-wealthy society. This book is considered a seminal document in the development of free-market capitalism.

Example Question #3 : Trade, Commerce, And Market Competition 1750 To 1900

According to Adam Smith, and other economists of his time, what was the only way for a nation to become wealthy?

Possible Answers:

By joining with others in an international community

International trade

Constant modernization

At the expense of others

Correct answer:

At the expense of others

Explanation:

Smith was an advocate of the idea that a nation could only be wealthy by taking advantage of another nation. He said that since wealth is relative, for a nation to be perceived to be wealthy, it must make another nation poor by comparison. Thus he said the colonial system worked to the benefit of the home nation and at the expense of the colony itself.

Example Question #4 : Trade, Commerce, And Market Competition 1750 To 1900

Before the Industrial Revolution merchants were the dominant force in the world economy. What replaced them?

Possible Answers:

None

Governments

Agriculture

Industry 

Correct answer:

Industry 

Explanation:

As the name might suggest, the Industrial Revolution brought industry to the fore as the main economic power. Merchants and traders wealth were no longer the standard to be measured by as the captains of industry amassed more wealth than the world had ever seen before.

Example Question #5 : Trade, Commerce, And Market Competition 1750 To 1900

Following the Industrial Revolution, what types of companies began to dominate the economy?

Possible Answers:

Private conglomerates

Corporations

Family owned dynasty's

Merchant traders

Correct answer:

Corporations

Explanation:

The Industrial Revolution brought forth the rise of the corporations. While not a new idea, the corporation had been around for 200 years, there had never been as many corporations before, or ones that proved to be as powerful. Corporations began to dominate the economy and determine the fate of nations.

Example Question #6 : Trade, Commerce, And Market Competition 1750 To 1900

Which of the following economic shifts was not a result of the Industrial Revolution?

Possible Answers:

Growth of Labor Unions

Increased competition on the world trade market

Rise of Big Business

Cheaper consumer goods

A resurgence of the cottage industry

Correct answer:

A resurgence of the cottage industry

Explanation:

Cottage Industry practices were against everything the industrial revolution represented. Whereas most manufacturing until the 19th century had occurred in homes or local shops, new technology and urbanization promoted the rise of factories and large companies who manufactured goods cheaply and began trading them around the world.

Example Question #7 : Trade, Commerce, And Market Competition 1750 To 1900

Which of the following nations emerged as an industrial power in the mid 19th century?

Possible Answers:

South Africa

Turkey

Brazil

Germany

Spain

Correct answer:

Germany

Explanation:

Western Europe was the first to modernize, nations such as Great Britain and Germany had the natural and financial resources to industrialize while nations such as Spain and Turkey, as well as South America and Africa lacked the resources needed to keep up with the progress of industry.

Example Question #8 : Trade, Commerce, And Market Competition 1750 To 1900

The United States’ Open Door policy primarily related to __________.

Possible Answers:

America’s self-proclaimed status as protectorate of South America

American trading interests in China and Japan

American’s role in intervening in European conflicts

immigration reforms that allowed more immigrants to come to America

none of these answers is correct

Correct answer:

American trading interests in China and Japan

Explanation:

The United States’ Open Door policy relates to the desire of American businessmen and merchants to have full access to Japanese and Chinese markets. This was achieved in the nineteenth century as the European powers forced access to China and the United States forced access to Japan.

Example Question #9 : Trade, Commerce, And Market Competition 1750 To 1900

The Treaty of Kanagawa __________.

Possible Answers:

ended the Russo-Japanese war

opened Japan to trade with western nations

reinforced Japanese isolationism in the nineteenth century

ended Japanese occupation of mainland China

led to an alliance between Japan and the United States

Correct answer:

opened Japan to trade with western nations

Explanation:

The Treaty of Kanagawa was signed by representatives of the Japanese and American governments in 1854. It opened Japan to trade with western nations, specifically the United States. It also formally ended Japan’s centuries long period of isolationism.

Example Question #10 : Trade, Commerce, And Market Competition 1750 To 1900

Before the outbreak of the Civil War the United States of America was producing roughly __________ of the global supply of cotton.

Possible Answers:

ninety percent

sixty-five percent

twenty-five percent

thirty-five percent

ninety-five percent

Correct answer:

sixty-five percent

Explanation:

The invention of the cotton gin by Eli Whitney in 1793 dramatically accelerated the productive capabilities of America’s cotton plantations. So much so that by the outbreak of the Civil War, seventy years later, America was producing more than half of the global supply of cotton - approximately sixty-five percent.

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