When the Pilgrims first arrived in North America, they established communal ownership of all pastures and of all agricultural production. As is common with communal ownership, this communal ownership by the Pilgrims resulted in
A) underproduction and underconsumption.
B) underproduction and overconsumption.
C) overproduction and underconsumption.
D) overproduction and overconsumption.
B
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In order to encourage domestic saving, it is necessary to have:
a. a laissez faire economy. b. a balanced fiscal budget. c. a large number of government subsidies. d. a stable system of property rights. e. a highly developed banking system.
The demand for a good is more price elastic
a. the shorter the time the consumer has to adjust to price changes b. the lower the price of the good c. the fewer the number of good substitutes d. the less essential the nature of the good e. if the supply is more price elastic
The two ways to define poverty are which of the following?
a. relatively and absolutely b. absolutely and definitely c. definitely and conceptually d. definitely and receptively
Which of the following is not considered a barrier to entry into a monopoly market?
A. an new product-type is offered. B. ownership of a key resource. C. government intervention. D. having a natural monopoly.