The purpose of the Corn Laws was to
A. encourage imports and discourage exports, and thus keep the price of food low.
B. discourage both imports and exports in order to promote economic self-sufficiency in Britain.
C. discourage imports and encourage exports, and thus keep the price of food high.
D. encourage both exports and imports in order to integrate the British economy with the rest of Europe.
Answer: C
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If the required reserve ratio is 100 percent, could the Federal Reserve still change the money supply with open market operations? Explain whether they could or could not
What will be an ideal response?
Lawrence’s country has had three different governments in the last two years. Lawrence knows several people who had their property seized without payment when the new government took over. People are no longer starting businesses or buying buildings because they have no way to guarantee that they will still own them tomorrow. What is the likely result of the situation in Lawrence’s country?
a. The incentive to invest is high. b. The private sector will step in to increase growth. c. The country will have a low rate of economic growth. d. The country will have a high rate of output per capita.
We will keep buying digital music downloads from the Internet until the marginal utility of the music downloads
A. rises to the price of the download. B. falls to the price of the download. C. is greater than the price of the download. D. is less than the price of the download.
Exhibit 17-1 Nation of Padia
Exhibit 17-1 shows the production possibilities curve of the nation of Padia, an LDC. With foreign investment, which of the following changes that was not previously possible would become possible?
A. a move from V to III B. a move from IV to II C. a move from III to a point beyond the production possibilities curve D. a move from III to I