If a series of severe storms in the Atlantic Ocean drastically significantly disrupted the transatlantic slave trade, which would most accurately describe the market for slaves in colonial America?
a. The price of slaves would increase and the quantity of slaves would decrease.
b. The price and quantity of slaves would increase.
c. The price and quantity of slaves would decrease.
d. The price of slaves would decrease and the quantity of slaves would increase.
a. The price of slaves would increase and the quantity of slaves would decrease. The storms would decrease the supply of slaves to the colonies, thus increasing the price of slaves and decreasing the quantity of slaves.
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If the autarky price of S (in terms of T) were lower in country A than in country B,
A) A has a comparative advantage in S. B) B has a comparative advantage in T. C) A has a comparative disadvantage in T. D) All of the above.
The difference between a firm's total revenues and total costs when all explicit and implicit costs are included is the firm's:
a. economic profit. b. accounting profit. c. opportunity cost of capital. d. long-run average total cost.
Which of the following had the greatest impact in pulling the U.S. economy out of the Great Depression?
a. The economy's natural tendency to contract toward potential output b. The federal government's aggressive policy of tax cuts c. The federal government's aggressive policy of monetary stimuli d. A precipitous drop in aggregate demand e. Increased spending during World War II
The fact that some people will work hard to earn a lot of money while others will be content with much less income indicates that
a. some people can be paid less for doing hard work while others have to be paid a premium for doing a similar task. b. economics ranks one set of worker preferences as more desirable than another. c. skill levels of laborers are a minor consideration in wage rate determination. d. worker preferences are an important source of earning differentials.