Immediately following the Revolution, in the 1780s,:
a. indigo was the most important U.S. export (in terms of dollar value).
b. Spain placed severe restrictions on trade between its colonies and the U.S.
c. the U.S. became the main provider of shipping services for the French and West Indies.
d. Great Britain eliminated tariffs on rice and tobacco.
b. Spain placed severe restrictions on trade between its colonies and the U.S.
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Which of the following applies to the tragedy of the commons? I. In the absence of government action, there is an absence of incentives to prevent the overuse of the common resource. II
When consumers take account of the marginal social benefit and marginal social cost, overuse of the resource occurs. III. Even with government action, it is impossible for an efficient level of output to be achieved. A) I only B) I and II C) II and III D) I, II and III
The practice of making choices using generalizations based on observable characteristics like race, gender, or age is called:
A. discrimination. B. means-testing. C. conditional cash transfers. D. None of these is true.
The range of laws, rules, and regulations that define the allowed forms of use and transfer of resources is called the __________ structure of the economy
A) monetary B) property rights C) microeconomic D) macroeconomic
Kara was out jogging and, despite being tired, decided to run one more mile. Based on her actions, economists would conclude that Kara:
A. must be an avid runner. B. decided that the marginal benefit of running one more mile would outweigh the cost of the additional mile. C. decided that the marginal cost of running one more mile would outweigh the benefit of the additional mile. D. was not very tired, so the marginal cost of the extra mile was very low.