What best describes the economic standing of the colonies on the eve of the Revolution?
a. The colonies were one of the richest nations in the world and had very little income inequality because of the many opportunities that existed.
b. The colonies had a low per capita income and had little income inequality.
c. The colonies were one of the richest nations in the world and had a significant amount of income inequality.
d. The colonies had a low per capita income and had a significant amount of income inequality.
Question 2
Between the Civil War and World War I, the U.S. monetary system:
a. experienced a persistent deflation.
b. suffered several financial crises in which banks closed and firms went bankrupt.
c. adopted a de facto gold standard.
d. adopted a central bank.
e. All of the above.
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