In answer to the question "How did Britain affect American economic growth?" Hughes and Cain (2011) reach what conclusion?
(a) The colonies were launched with English institutions, and they were allowed to modify them
to meet local needs. In exchange for their investment in the colonies, the British expected the American colonies to produce and grow rapidly.
(b) British policies were adverse to the colonies because they interfered with efforts to recruit a labor force and maintain employment at something close to full employment.
(c) British policies prevented the colonies from going through an Industrial Revolution, as was occurring in England.
(d) British policies significantly held down income growth in the colonies because they aimed at increasing the proportion of "primary" output at the expense of commercial and manufacturing output.
(a)
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Which of the following was NOT a function of the First and Second Banks of the United States?
(a) Handling government finances (b) Promoting growth of state banks (c) Helping establish uniform paper currency in the U.S. (d) Keeping state banks in line by presenting their notes
The actual burden of a tax
a. falls most heavily on the side of the market that is more elastic. b. falls most heavily on the side of the market that is more inelastic. c. falls most heavily on the side of the market that is closest to unitary elasticity. d. is distributed independently of relative elasticities of supply and demand.
Because of the problem of adverse selection,
A. everyone is typically charged a lower premium. B. low-risk individuals may have a hard time finding insurance worth buying. C. high-risk individuals may have a hard time finding insurance worth buying. D. individuals who buy insurance act more recklessly.
The market demand in a Bertrand duopoly is P = 10 ? 3Q, and the marginal costs are $1. Fixed costs are zero for both firms. Based on this information we can conclude that:
A. P = $7 and firm 1 will sell 7 units of output. B. P = $1 and firms 1 and 2 will each sell 7 units of output. C. P = $1.5 and firms 1 and 2 will each sell 10 units of output. D. P = $1 and firms 1 and 2 will each sell 1.5 units of output.