AMH 2010 Exam 1 Questions and Answers With Verified Solutions 2025
Agriculture and trade in agricultural products and artisan made goods were dominant - ✔✔Agarian /
Commercial Economy
The machine manufacture of goods and the providing of services (doctor, legal, educational) are the
dominant economic activities - ✔✔Industrial / Service Economy
The economic structure of a society and the role of economic elites in that society determine the nature
and development of all other structures (political, social, legal, cultural) in a society - ✔✔Economic
Determinism
Emphasis on trade (laissez-faire), particularly trade monopolies to acquire wealth - ✔✔Mercantilism
(monopoly capitalism)
That supply and demand will lead the economy according to natural laws. That in laissez-faire
economies the merchants can control the market. Competition in a free market would increase
productivity, determine prices, and guide capitalism's maximizing drive for profits - ✔✔Smith's Wealth
of Nations
Nobles/Aristocrats: Military service to the king earns one a fief, a grant of land.
Clergy (2%): A class deriving from the Catholic Church which had termendous spiritual and political
power in Medieval Christian society.
Commoners (95%): Anyone who wasn't a noble or cleric. They performed the work of society. Serfs were
peasants who worked and lived at the estate of their master. They couldn't leave as they owed they
owed labor services to the lord - ✔✔Medieval European Classes
The middle class merchants begun as dirt poor commoners but the revival of trade in the 11th century
earned them wealth which gained them political and social rights in exchange for financial and
administrative support to the king. Their economic power led them to gaining representation in the
kings council - ✔✔Economic power of merchant middle class
Columbus' voyages set off an exchange of plant and animal life between Europe, the Americas, and
Africa that changed the world. - ✔✔Significance of Columbian Exchange
Agriculture and trade in agricultural products and artisan made goods were dominant - ✔✔Agarian /
Commercial Economy
The machine manufacture of goods and the providing of services (doctor, legal, educational) are the
dominant economic activities - ✔✔Industrial / Service Economy
The economic structure of a society and the role of economic elites in that society determine the nature
and development of all other structures (political, social, legal, cultural) in a society - ✔✔Economic
Determinism
Emphasis on trade (laissez-faire), particularly trade monopolies to acquire wealth - ✔✔Mercantilism
(monopoly capitalism)
That supply and demand will lead the economy according to natural laws. That in laissez-faire
economies the merchants can control the market. Competition in a free market would increase
productivity, determine prices, and guide capitalism's maximizing drive for profits - ✔✔Smith's Wealth
of Nations
Nobles/Aristocrats: Military service to the king earns one a fief, a grant of land.
Clergy (2%): A class deriving from the Catholic Church which had termendous spiritual and political
power in Medieval Christian society.
Commoners (95%): Anyone who wasn't a noble or cleric. They performed the work of society. Serfs were
peasants who worked and lived at the estate of their master. They couldn't leave as they owed they
owed labor services to the lord - ✔✔Medieval European Classes
The middle class merchants begun as dirt poor commoners but the revival of trade in the 11th century
earned them wealth which gained them political and social rights in exchange for financial and
administrative support to the king. Their economic power led them to gaining representation in the
kings council - ✔✔Economic power of merchant middle class
Columbus' voyages set off an exchange of plant and animal life between Europe, the Americas, and
Africa that changed the world. - ✔✔Significance of Columbian Exchange
