The Navigation Acts required that colonists use England as an "entrepot.". This resulted in
a. additional shipping and handling costs for colonial trade.
b. increased prices for colonial imports.
c. a disproportionately large economic burden on Southern exports.
d. an estimated total economic burden of less than 1 percent of colonial income.
e. All of the above.
e. All of the above.
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Which of the following statements is true?
A) Producer surplus measures the total benefit received by producers from participating in a market. B) When a market is in equilibrium consumer surplus equals producer surplus. C) Consumer surplus measures the total benefit from participating in a market. D) Consumer surplus measures the net benefit from participating in a market.
From the Keynesian perspective, an increase in cyclical unemployment during a recession represents
A) an equivalent increase in the natural rate of unemployment. B) a roughly equal mix of voluntary and involuntary unemployment. C) involuntary unemployment. D) a decrease in the number of discouraged workers in an economy.
Land rents account for nearly
A. 5 percent of U.S. income. B. 15 percent of U.S. income. C. 25 percent of U.S. income. D. 50 percent of U.S. income.
Consider a labor market in equilibrium. If the demand curve shifts to the right while the supply curve shifts to the left, then the wage rate in the market will:
A. increase. B. decrease. C. remain unchanged. D. either increase or decrease or remain unchanged.