Data presented in the text compare exports per capita in the early 1790s with exports per capita just prior to the Revolution. The data show that by the early 1790s, exports per capita had increased in _____________, but had decreased in ___________________
a. the Upper South; the Lower South
b. the Upper South; New England
c. New England; the Middle Atlantic states
d. the Middle Atlantic states; the Upper and Lower South
d. the Middle Atlantic states; the Upper and Lower South
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If the current account balance shows a surplus, and the capital account also shows a surplus, then the official reserve transactions balance
A) must be positive. B) must be negative. C) must be zero. D) can either be positive, negative, or zero.
Suppose that 20,000 tickets were sold at $120 for an NBA game at Madison Square Garden in New York. The game was sold out and some fans could not get tickets. This suggests that
A) selling price was below equilibrium price. B) selling price was above equilibrium price. C) selling price was at equilibrium. D) the game was advertised too heavily.
An intersection known as Four Corners lies 300 miles from the nearest town. At this intersection are three independently owned gas stations and one small pharmacy. Which of the following is true?
a. The firms are all perfectly competitive because of their size. b. It would be easier for all four firms to form a cartel than for only the gas stations to do so. c. The gas stations are monopolistically competitive because there are so few of them that they are almost monopolists. d. The gas stations are perfectly competitive; the pharmacy is not. e. The gas stations are oligopolists; the pharmacy is a monopolist.
The inflation index that is most favored by economists is the
a. Consumer Price Index. b. GDP Implicit Price Defoliator. c. Producer Price Index. d. Commodity Price Index.