Which of the following statements correctly characterizes the colonial commodity trade deficit?
a. The Middle colonies had the largest commodity trade deficit.
b. The Southern colonies exported more to Great Britain & Ireland than they imported.
c. The colonies experienced commodity trade deficits not only in their trade with England, but also in trade with Southern Europe and Africa.
d. The colonies had a commodity trade deficit with Great Britain, but a commodity trade surplus once all trades were taken into account.
a. The Middle colonies had the largest commodity trade deficit.
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Capture theory is
A) an economic theory of regulation. B) a model about perfect competition. C) the same as the public interest theory. D) the theory that regulators capture firms' attention by dictating a very low price. E) a theory that explains behavior of competitive firms.
When the money supply rises by 10%, in the short run, output ________ and the price level ________
A) rises; is unchanged B) declines; falls C) is unchanged; falls D) declines; is unchanged
Marginal cost
A. is the increase in total cost resulting from production of one additional unit of output. B. is the cost of the marginal unit of output. C. and the average cost curve are U shaped. D. All of the responses are correct.
A rightward shift of the BP schedule is the result of a(n)
a. increase in the foreign interest rate. b. decrease in the foreign interest rate. c. exogenous fall in export demand. d. increase in import demand.