Between 1620 and 1710, the price of tobacco in the colonies:
a. rose rapidly.
b. remained fairly stable due to monopolistic competition.
c. fell from over 20 pence sterling to roughly one pence per pound.
d. fell from over 20 pence sterling to roughly 10 pence per pound.
c. fell from over 20 pence sterling to roughly one pence per pound.
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The above table has data from the nation of Atlantica. Based on these data, when disposal income equals $3.0 trillion,
A) dissavings equals $1.0 trillion. B) savings equals $3.0 trillion. C) dissavings equals $4.0 trillion. D) savings equals $4.0 trillion. E) savings equals $1. trillion.
Refer to Table 4-2. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one of the tickets is $36
A) Violet and Walter receive a total of $52 of consumer surplus from buying one ticket each. No one else will buy a ticket. B) Xavier, Yolanda, and Zachary will receive a total of $68 of consumer surplus since they will buy no tickets. C) Violet and Walter will each buy two tickets. D) Walter will receive $4 of consumer surplus from buying one ticket.
Refer to Figure 4.1. A shift from S1 to S2 will result from all of the following except
A) a decrease in the government's budget deficit. B) a decrease in net exports. C) a decrease in corporate taxes. D) a decrease in the desire of households to consume today.
In economics, marginal means
a. incremental or decremental b. unimportant c. level or size d. a border-line situation e. a bad alternative