Land ownership or land tenure in colonial America was primarily acquired by settlers through
(a) purchase and the legal transfer of deeds from Native Americans.
(b) the King granting property to favored individuals in feudal-like fashions.
(c) "squatting" or freely settling and cultivating the land to gain private ownership over land.
(d) purchase or otherwise legal transfer of deeds from colonial officials who received their rights
to the land from the king of England.
(d)
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The increase in the price of sugar created by the tariff will lead domestic consumption to fall by ________ tons per year, compared to when the economy is open without the tariff. 
A. 20 B. 40 C. 10 D. 30
Which of the following refers to diminishing marginal returns?
A) The revenue of a cell phone manufacturer decreased when it increased its product price. B) The additional output produced in a firm decreased as more workers were hired. C) The profits of an entrepreneur increased substantially after he fired a few of his employees. D) The total output of a firm decreased as more workers were hired.
If there is a low degree of uncertainty combined with a low degree of asset specificity, _____ will be efficient
a. long-term contracts b. short-term contracts c. market transactions d. vertical integration
In the consumer-choice model, the economist examines how the consumer's purchases change when there is a change in prices or income. Which stage of economic analysis is this procedure a part of?
a. Formulation. b. Optimization. c. Equilibrium. d. Economic dynamics.