11 economics questions

Attached is 11 Economics questions (Multiple choice).

Description:

Note that this assignment is based on information from the article “Economic Lessons from the Musical Hamilton” by Rousu and Conrad published in The Journal of Economics Teaching, Vol. 2(1), 2017.

The Broadway musical Hamilton was written by Lin-Manuel Miranda and is based on Ron Chernow’s biography of Alexander Hamilton. The musical includes a variety of musical genres, including pop, hip-hop, rhythm and blues, and jazz to showcase the life of Alexander Hamilton. The musical recounts events that happened during the founding of the United States, and it illustrates economic concepts that are rarely discussed in popular music.

As described by Rousu and Conrad, Alexander Hamilton is important in U.S. history in part because he was the nation’s first Secretary of the Treasury and is credited as the “architect of the department” (U.S. Department of the Treasury, 2010). Hamilton advocated for a strong centrally controlled treasury – often pitting himself against the likes of Thomas Jefferson (Secretary of State at the time) over how much control the treasury should possess in regard to managing governmental accounts, tax policy, enforcing financial laws, and more (U.S. Department of the Treasury, 2010). Hamilton clashed with Jefferson over the idea of creating a national bank. Coinciding with the establishment of the First Bank of the United States in 1791, Hamilton also fought for the assumption of state debts by the federal government and the creation of a mechanism for collecting taxes (U.S. Department of the Treasury, 2010; PBS, 2000). The implementation of these three elements of Hamilton’s financial plan ultimately provided the foundation for the nation’s future economic and monetary policies.

 

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