Which of the following is the most accurate statement about the Native Americans during the colonial period?
a. There is a strong consensus among historians about the size of the Native American population at the time of arrival of the first European settlers.
b. Native Americans rarely formed trading alliances with the European settlers.
c. The significant deterioration of the Native American population occurred after 1825, when the US started to expand to the west.
d. The susceptibility to disease was one of the primary reasons the Native American population declined.
d. The susceptibility to disease was one of the primary reasons the Native American population declined.
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In economic terms, to say that there has been an increase in demand for a product means that:
a. the demand curve has shifted to the left. b. the product's price has fallen and as a result consumers are buying a larger quantity of the product. c. the product has become scarce for some reason. d. consumers are now willing to purchase more of the product at each possible price.
The money multiplier yielded by the deposit creation formula assumes that
a. banks hold no excess reserves. b. banks hold excess reserves. c. recipients of loans take some of the proceeds in cash. d. recipients of loans do not redeposit their funds in other banks.
According to Malthusian population theory,
A. the world's food supply increases geometrically. B. the world's population tends to grow geometrically. C. a psychological standard of living regulates population growth. D. population growth is an unimportant determinant of standards of living.
Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive.
If the market supply curve is given by S3, then we would expect firms to:
A. shut down in the short run. B. exit the market in the long run. C. enter the market in the long run. D. neither exit nor enter the market in the long run.