All of the following were important colonial industries except:
a. tobacco production.
b. production of ships' stores.
c. manufacturing of finished metal products.
d. shipbuilding.
c. manufacturing of finished metal products.
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Two candidates, Smith and Jones, are running for the same political office. Last night they were in a debate. It is generally accepted that Smith is perceived more to the left after the debate than before the debate. This is bad news for Jones if before the debate Smith was perceived
A) too far right. B) too far left. C) as being in the middle of the political spectrum. D) b or c E) none of the above
Give an example that shows price elasticity of supply. Avoid using examples from the text.
What will be an ideal response?
The economy's aggregate supply curve reflects
A) A normal range. B) A Keynesian or depression range. C) A classical range. D) All of the above.
Consider the production possibilities curve for a country that can produce sweaters, apples (in bushels), or a combination of the two.
A. Which point(s) on the graph is (are) efficient production possibilities? B. Which point(s) on the graph show unemployment of resources? C. What is the opportunity cost of moving from point R to point Q? D. What is the opportunity cost of moving from point T to point R?