The Navigation Acts:
a. required certain commodities to be traded within the British empire only.
b. provided for the free trade of colonial goods, including tobacco, indigo and sugar.
c. required all colonial trade to be carried on English vessels.
d. were abolished in 1700.
e. both a and c are correct.
e. both a and c are correct.
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________ is equal to consumption spending plus planned investment spending plus government purchases plus net exports
A) Planned aggregate expenditure B) Planned inventory investment C) Full employment GDP D) Short-run aggregate supply
What is true of marginal cost when marginal returns are decreasing?
a. It is negative and increasing. b. It is negative and decreasing. c. It is positive and increasing. d. It is positive and decreasing. e. It is positive and has a constant slope.
A market with a single seller is called
A) perfectly competitive. B) monopolistically competitive. C) a monopoly. D) an oligopoly.
As the price level in an economy increases, firms receive lower revenues for their output and thus increase production in the short run
a. True b. False Indicate whether the statement is true or false