With regard to the Navigation Acts (1651 and later amendments), all of the following answers are true except
(a) No commodities originating from the Empire were to be shipped in any but British
(including colonial) ships.
(b) No commodities imported into the Empire were to be carried in any but British ships.
(c) Only British subjects were allowed to be merchants in the colonies, and only British ships were to carry commodities from one English port to another.
(d) There is no "except"; all of the above answers are true.
(d)
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Total revenue can be defined as:
A. the total amount a firm spends on all inputs used in production. B. the amount that a firm spends on all inputs that go into making a good or service. C. the amount that a firm receives from the sale of goods and services. D. the total number of sales of a good or service by a firm.
The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. unemployment. B. expansionary gaps. C. recessionary gaps. D. exogenous spending.
When a country's quantity supplied exceeds its quantity demanded for any given price, then this indicates the country has
A) Excess supply. B) Excess demand. C) Import demand. D) None of the above.
Suppose that last year $1 U.S. exchanged for 1.2 euros. If this year $1 exchanges for 1.1 euros, then we can conclude that
A. the dollar is stronger this year than it was last year and this will cause the United States' short-run aggregate supply (SRAS) curve to shift to the left. B. the dollar is weaker this year than it was last year and this will cause the United States' short-run aggregate supply (SRAS) to shift to the right. C. the dollar is weaker this year than it was last year and this will cause the United States' short-run aggregate supply (SRAS) curve to shift to the left. D. the dollar is stronger this year than it was last year and this will cause the United States' short-run aggregate supply (SRAS) curve to shift to the right.