Which British colony in North America was the last to be founded, and was designed to assist those who owed debts in the Old World?
a. Georgia
b. Rhode Island
c. Florida
d. Pennsylvania.
a. Georgia
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If the market price is $50 for a unit of a good produced in a perfectly competitive market and the firm's minimum average variable cost is $52, then to maximize its profit (or minimize its loss) the firm should
A) definitely produce the unit. B) shut down. C) not produce the unit but remain open. D) not produce the unit. Whether the firm should shut down or remain open cannot be determined without more information. E) produce the unit only if the price exceeds the average fixed cost.
The neoclassical perspective argues that, in the long run, the economy will adjust back to its potential GDP level of output through ______________ price levels.
a. flexible b. fixed c. restricted d. downward
A labor contract provides for a first-year wage of $15 per hour, and specifies that the real wage will rise by 2 percent in the second year of the contract and by another 2 percent in the third year. The CPI is 1.00 in the first year, 1.09 in the second year, and 1.15 in the third year. What dollar wage must be paid in the third year?
A. $15.61 B. $17.95 C. $15.00 D. $17.24
Exhibit 1A-3 Straight line
Straight line AB in Exhibit 1A-3 is a downward sloping line illustrating:
A. a direct relationship between X and Y. B. an inverse relationship between X and Y. C. X and Y are unrelated variables. D. the ceteris paribus assumption.