Licensing and regulation of business activities by colonial governments
(a) occurred only infrequently.
(b) was a common practice in early colonial times but the British eventually replaced it with a policy
of laissez faire before the American Revolution.
(c) was very common throughout the colonial period just as it is today.
(d) is basically inconsistent with American concepts of freedom of enterprise and so has never been common practice in either colonial or modern times.
(b)
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We say that the demand for labor is a derived demand because
A. labor is hired using the MRP = MRC rule. B. the forces of supply and demand do not apply directly to labor markets. C. we demand the product that labor helps produce rather than labor service per se. D. labor is a necessary input in the production of every good or service.
When you chose to buy the second cup of coffee instead of the third bagel, which of the following is necessarily CORRECT?
A) The second coffee will give you higher marginal utility. B) The second coffee is cheaper than the third bagel. C) The marginal utility per dollar from the third bagel is less than the marginal utility per dollar from the second coffee. D) Both answers A and C are correct.
When using the money supply figures to measure the direction of monetary policy during the last several decades, it is better to look at changes in the M2 money supply rather than M1 because
a. the increase in popularity of interest-earning checking accounts in the 1980s distorted the M2 money supply but not the M1 money supply. b. the increase in popularity of interest-earning checking accounts in the 1980s distorted the M1 money supply but not the M2 money supply. c. the decrease in popularity of interest-earning checking accounts in the 1980s distorted the M1 money supply but not the M2 money supply. d. the decrease in popularity of interest-earning checking accounts in the 1980s distorted the M2 money supply but not the M1 money supply.
What could cause a decrease in the price level and simultaneously an increase in GDP similar to the 1920s in the United States?
A) a decrease in interest rates B) an increase in interest rates C) a decrease in consumer confidence D) an increase in productivity