THE VIRGINIA DYNASTY 1801 1825
WAR OF 1812
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It had disastrous results, causing massive drops in both imports and exports. Merchants were outraged at the effects.
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The Embargo of 1807 spurred a period of rapid growth for the American economy in both exports and imports.
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The Emargo of 1807 was declared Unconstitutional by the United States Supreme Court before it could have any effect at all.
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None of the above
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Detailed explanation-1: -It hurt the American economy far more than the British or French, and resulted in widespread smuggling. Exports fell from $108 million in 1807 to just $22 million in 1808. Farm prices fell sharply. Shippers also suffered.
Detailed explanation-2: -Agricultural prices and earnings fell. Shipping-related industries were devastated. Existing markets were wrecked. Unemployment increased.
Detailed explanation-3: -All U.S. ports were closed to export shipping in either U.S. or foreign vessels, and restrictions were placed on imports from Great Britain.
Detailed explanation-4: -President Thomas Jefferson hoped that the Embargo Act of 1807 would help the United States by demonstrating to Britain and France their dependence on American goods, convincing them to respect American neutrality and stop impressing American seamen.
Detailed explanation-5: -The misbegotten Embargo Act caused an economic depression that devastated the livelihoods of the administration’s supporters. Farmers couldn’t export their crops; urban industrial workers, sailors and artisans lost their jobs in droves.