Louisiana History Chapter 3 Notes: Economy

Question 1

___ limited colonial trade by allowing colonists to only purchase goods from the mother nation.

Accepted Answer

Mercantilism

Question 2

The ___is an index that places an annual value on final goods/services produced in a country.

Accepted Answer

Gross Domestic Product (GDP)

Question 3

Countries rely on other countries for some goods & services. This is known as being ___.

Accepted Answer

interdependent

Question 4

By the time the US acquired La. in 1803, a ___economy was emerging.

Accepted Answer

market

Question 5

The ________________ removed trade restrictions with our geographic neighbors.

Accepted Answer

North American Free Trade Agreement (NAFTA)

Question 6

Which question below is NOT one of the 4 basic economic questions?

Accepted Answer

What color and size will be produced?

Question 7

The types of La seafood that are shipped all over the country are _____, _____, and _____.

Accepted Answer

Crabs/ oysters/ shrimp

Question 8

Growth of the __ & __industry in La helps revenue b/c it buys goods & services & hires La labor

Accepted Answer

movie / television

Question 9

Today, Louisiana’s 4 most profitable food crops are ____, _____, _____, and _____.

Accepted Answer

soybean /corn /sugarcane/ rice

Question 10

Historically, Louisiana’s two most important cash crops were ______and ______.

Accepted Answer

Sugar and cotton

Question 11

Before the arrival of Europeans, Native Americans had a ___economy involving hunting & trading

Accepted Answer

traditional

Question 12

In a ___ economy, the price of a good or service is determined by the law of supply and demand.

Accepted Answer

market

Question 13

La’s natural resources __, __, & abundant __support lots of goods in agr, forestry & fisheries.

Accepted Answer

climate, soil, water

Question 14

More than _____% of the nation’s natural gas deposits are in Louisiana.

Accepted Answer

25

Question 15

___ is a command economy intended to enrich the mother country through trade with its colonies

Accepted Answer

Mercantilism

Question 16

The three types of economic resources are ____, _____, and ______.

Accepted Answer

human, natural, capital

Question 17

The 3 types of economic systems are ___economy, ____ economy, and ______ economy.

Accepted Answer

traditional, command, market

Question 18

The study of economics at the smallest level is called ___. The largest level is called ____.

Accepted Answer

microeconomics/macroeconomics

Question 19

Louisiana ranks ______ in the United States in the production of petrochemicals

Accepted Answer

2nd

Question 20

_____ resources provide physical &/or mental labor to turn a resource into a good or service.

Accepted Answer

human

Question 21

___ makes it faster for companies like Ford to produce its product. This helps lower the price.

Accepted Answer

Specialization

Question 22

In a market economy, 2 factors that influence the price of a good or service are “__” and “__”.

Accepted Answer

supply and demand

Question 23

The discovery of ___ in La has enriched La, but the economy has suffered from dependence on it

Accepted Answer

oil

Question 24

The company that built Louisiana’s first oil refinery was _____, and it was built in ____.

Accepted Answer

Standard Oil Company / 1909

Question 25

“Tourism” is a “_______” industry.

Accepted Answer

service

Question 26

The term “________” refers to a tax placed on an imported good.

Accepted Answer

tariff

Question 27

_____ resources, such as machines, & equipment, turn natural resources into products.

Accepted Answer

capital

Question 28

Louisiana’s most common sawtimber is ________

Accepted Answer

pine

Louisiana History Chapter 3 Notes: Economy

Questions 28

Louisiana History Chapter 3 Notes: Economy

Questions 28