All but which of the following people supplied labor in colonial America?
(a) Members of the free population in England and other parts of Northern Europe.
(b) Native Americans
(c) Slaves
(d) Indentured servants
(b)
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The tragedy of the commons is the absence of incentives to
A) correctly measure the marginal social benefit from a common resource. B) prevent under use of the common resource. C) prevent overuse and depletion of a common resource. D) discover the common resource.
The Federal Reserve econometric model estimates that the liquidity effect an increase in the money supply will
A) lower interest rates for 6 months to a year. B) lower interest rates permanently. C) have no effect on interest rates. D) raise interest rates after 6 months to a year.
If it costs a firm $10 to produce a good and the same good sells for $7 abroad, then this firm is engaging in
A) profit maximization. B) price discrimination. C) price differentiation. D) dumping.
When studying how some event or policy affects a market, elasticity provides information on the
a. change in the costs of production. b. tradeoff between equality and efficiency. c. effect on the budget deficit or surplus. d. direction and magnitude of the effect.