As we celebrate America’s semiquincentennial on July 4th, it’s fascinating to take a look back at what has changed in the 250 years since the newly founded United States of America declared its independence from Great Britain in 1776, including its transformation from a largely agrarian society to the world’s leading economic power.
How much do you know about the early years of our nation? Find out by taking this quiz.
1. How many non-indigenous people lived in the U.S. in 1776?
A. 1,000,000
B. 2,500,000
C. 3,000,000
D. 5,500,000
Answer: B. The U.S. Census Bureau estimates that 2.5 million people lived in the 13 states that comprised the U.S. in 1776, not including Native Americans. The American Battlefield Trust estimates that 500,000 of these people were slaves.
2. In the Declaration of Independence, which one of the following is stated as an economic right of the United States?
A. The right to own and purchase slaves.
B. The right to conduct commercial fishing in international waters.
C. The right to expand its territory through purchases and treaties with foreign nations and native Americans.
D. The right to arrange alliances with foreign powers and establish commerce.
Answer: D. The other rights are not mentioned in the Declaration.
3. In a famous letter, which of these Founding Mothers cajoled her husband to “remember the ladies”?
A. Betsy Ross
B. Martha Washington
C. Abigail Adams
D. Dolly Madison
Answer: C. In a letter written to her husband John Adams in March 1776, Abigail Adams urged him to advocate for laws protecting women’s rights in the new nation.
4. Which of these was not a significant business sector in the U.S. in 1776?
A. Tobacco
B. Cotton
C. Ironworking
D. Commercial fishing
Answer: B. Cotton did not become a major industry in the U.S. until after the invention of the cotton gin in 1792.
5. What average percentage of their income did the average American pay in taxes in 1776?
A. 1%-1.5%
B. 4%
C. 12%
D. 20%
Answer: A. According to mountvernon.org, in 1776, there were no U.S. income, payroll or corporate taxes. States were generally funded by property taxes, poll taxes and excise taxes on goods.
6. Which of these investable assets were not available to Americans in 1776?
A. Gold
B. Commodities
C. Land
D. U.S. dollars
Answer: D. The U.S. didn’t adopt the dollar as the official monetary denomination until 1785, and it wasn’t until 1861 that all U.S. coin and paper currencies could be redeemed at face value.
7. What was the first publicly traded U.S. stock?
A. The East India Company
B. The Bank of New York
C. The Life Insurance Company of North America
D. Berkshire Hathaway
Answer: B. In 1784, Alexander Hamilton founded The Bank of New York, which later became the first publicly traded U.S. stock.
8. What was the first major recession in the U.S. and how long did it last?
A. The Battle of Long Island Panic (1776-1777)
B. The West Point Pact Crisis (1780-1781)
C. The Panic of 1785 (1785-1789)
D. The XYZ Affair Crisis (1797-1798)
Answer: D. The Panic of 1785, caused by a shortage of currency, massive post-war debt, and an influx of cheap British imports, triggered a four-year recession that highlighted the weakness of the Articles of Confederation and led to the adoption of the U.S. Constitution.
9. Which Founding Father established an endowment trust with $4,000 that grew to more than $6 million when the funds were finally disbursed?
A. Alexander Hamilton
B. Benjamin Franklin
C. John Hancock
D. George Washington
Answer: B. In 1790, Franklin bequested $4,000 to establish an endowment trust benefiting the cities of Boston and Philadelphia. The trust stipulated that funds could not be disbursed for 200 years to take advantage of compounding. When it was liquidated in 1990, the trust was worth nearly $6.5 million.
10. Which two Founding Fathers died of natural causes on the same day?
A. Paul Revere and Sam Adams
B. George Washington and John Hancock
C. Thomas Jefferson and John Adams
D. James Madison and James Monroe
Answer: C. In one of the great coincidences of America history, both Adams and Jefferson died on July 4, 1926, fifty years after the nation’s founding.
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