What best describes the economic standing of the colonies on the eve of the Revolution?
a. The colonies were one of the richest nations in the world and had very little income inequality because of the many opportunities that existed.
b. The colonies had a low per capita income and had little income inequality.
c. The colonies were one of the richest nations in the world and had a significant amount of income inequality.
d. The colonies had a low per capita income and had a significant amount of income inequality.
c. The colonies were one of the richest nations in the world and had a significant amount of income inequality.
You might also like to view...
Which of the following is true? a. The long run supply curve for a competitive increasing cost industry will be upward sloping
b. The long run supply curve for a competitive increasing cost industry will be more elastic than the industry's short run supply curve. c. The long run supply curve for a competitive increasing cost industry will be horizontal. d. Both (a) and (b) are true.
The following table shows Jay's estimated annual benefits of holding different amounts of money.Average moneyholdings($)Total benefit($)1002020029300664004150044How much money will Jay hold if the nominal interest rate is 6 percent? (Assume he wants his money holdings to be in multiples of $100.)
A. $100 B. $400 C. $300 D. $200
Suppose your nominal income this year is 5 percent higher than last year. If the inflation rate for the period was 3 percent, then your real income was:
A. increased by 1.67 percent. B. increased by 2 percent. C. increased by 8 percent. D. decreased by 0.6 percent.
If you go to Europe to work and send funds home to your family living in the United States, this is known as a
A) service import. B) merchandise import. C) service export. D) unilateral transfer.