Question

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1, Which of the following best describes a consequence that Specie Circular had in the United States? It caused the Tariffs of 1828 and 1832 to be passed. It caused widespread panic and started a depression. It caused an increase in the use and printing of paper money. It caused people to vote against John Quincy Adams in the 1828 election.
2,What is one of the main economic effects of a tariff increase?

Reduced productivity
Higher prices for consumers
Increased wages for workers
Decreased profits for domestic industries

3.Who introduced the idea of interchangeable parts that promoted mass production of various goods?

Eli Whitney
Samuel Slater
Francis Cabot Lowell
Henry Ford

Answer 1

1/ Correct B, It caused widespread panic and started a depression.

Explanation:

Incorrect A, the Specie Circular accrued in 1836, so how could it cause something that accrued in the past?

Incorrect C, the Specie Circular increased the use of silver and gold, and decreased the use of paper money.

Incorrect D, again the election of John Quincy Adams in 1828 was before the 1836 Specie Circular, so how could it had caused people to vote against him?

2/ Answer: B, Higher prices for consumers

Tariffs force imports to be taxed so the companies or entities being taxed will most likely make up for loss through taxes by raising the price of the goods being taxed.

3/ Answer: A, Eli Whitney

In 1798, Eli Whitney began using the process of interchangeable parts. This process involves large quantities of uniform pieces.

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Answer 2

Answer:

#1 Is B. It caused widespread panic and started a depression.

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