In the 1770s the per capita income in the colonies:
a. was higher than the per capita income in developing countries today.
b. was significantly lower than the per capita income in England during the same period.
c. was impossible to determine due to inaccurate and incomplete data.
d. was lower than the current per capita income in developing countries..
a. was better than the quality of life in developing countries today.
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The following are the equations for the supply and demand curves in the market for weezils: Demand: Qd= 20?2P Supply: Qs= 5 + 3P where Qdis the quantity demanded, Qsis the quantity supplied, and P is the price per weezil in dollars. Refer to Exhibit 4-1. If consumers decide that they want 20 percent fewer weezils at every price, the equation for the new demand curve for weezils will be
A. Qd= 20?1.6P. B. Qd= 0.2(20?2P). C. Qd= 0.8(20?2P). D. Qd= 80(20?2P).
In the above figure, the equilibrium real wage rate is
A) $10 per hour. B) $15 per hour. C) $20 per hour. D) none of the above
Unemployed U.S. residents who are, in effect, merely searching for work between jobs, are defined as
A) frictionally unemployed. B) structurally unemployed. C) cyclically unemployed. D) seasonally unemployed.
A certain production possibilities frontier shows production possibilities for two goods, jewelry and clothing. Which of the following concepts cannot be illustrated by this model?
a. the flow of dollars between sellers of jewelry and clothing and buyers of jewelry and clothing b. the tradeoff between production of jewelry and production of clothing c. the opportunity cost of clothing in terms of jewelry d. the effect of economic growth on production possibilities involving jewelry and clothing