Unit 3: American Economy

Guide

Hi, everyone. In this uint we are going to study a very important topic—American economy. As we all know, the United States of America, a young country with a short history of over 200 years, has experienced spectacular growth into the strongest economic power in the world today. How did it make this transformation? What is the intellectual and political foundation for the flourishing of capitalism and industrialization in the United States? What are some of the cultural and social forces contributing to its economic prosperity and affluence? What is the role that agriculture is playing in contemporary American society? In this unit we will inquire into these questions, try to have a close look at and better understanding of American economy and hopefully we will make you think about other related issues. This is so intellectually stimulating and relevant to our everyday lives that you mustn't miss this lesson. Actually if you'd like to ask questions about social and economic issues, you will learn a lot. All right, now I'll throw you some questions and let you test the water.

Oil exploration
Bill Gates	Economy

1. Who was Alexander Hamilton?
　(a) The first Secretary of Treasury of the USA.
　(b) The first president of the USA.
　　　Answer:

2. Who first introduced the "moving assembly" line?
　(a) Eli Whitney.
　(b) Samuel Slater.
　(c) Henry Ford.
　(d) Adam Smith.
　　　Answer:

3. When did industrialization take place in the United States?
　(a) Around 1776.
　(b) Around the turn of the 19^th century.
　(c) Around the turn of the 20^th century.
　(d) After World War II.
　　　Answer:

4. What is not an example of service industry?
　(a) Legal consulting.
　(b) Banking.
　(c) Hotels and restaurants.
　(d) Computer manufacturing.
　　　Answer:

5. What does laissez-faire mean?
　(a) Government regulation.
　(b) Free enterprise.
　(c) Monopoly.
　(d) Stock selling.
　　　Answer:

6. Does the United States still have farmers?
　(a) Yes.
　(b) No.
　　　Answer:

7. Which of the following is a farm product?
　(a) Steel.
　(b) Automobiles.
　(c) Space satellites.
　(d) Maize.
　　　Answer:

If you got 6-7 correct answers, excellent. You have a good knowledge of American economy. Go on and find more about it.

3-5 correct: You are doing fine. Go to the text and find the correct answers.

0-2 correct: I'm afraid you need to do more homework on economy. Let's start with this unit.