Which of the following statements accurately characterizes American trade during the Revolutionary War?
a. The American colonies actively traded with France, Holland and Spain until 1778, when trade was hampered by British blockades.
b. British blockades hampered the trade activities of first Northern and later Southern ports.
c. American trade remained below pre-war levels.
d. Decreases in imports led to increases in domestic production of textiles, beer and other products.
e. Both b and c are correct.
e. Both b and c are correct.
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In the above figure, if D2 is the original demand curve for a normal good and income decreases, which price and quantity might result?
A) point a, with price P2 and quantity Q2 B) point b, with price P1 and quantity Q1 C) point c, with price P3 and quantity Q3 D) point d, with price P1 and quantity Q3
Private decisions about consumption of common resources and production of public goods usually lead to an
a. efficient allocation of resources and external effects. b. efficient allocation of resources and no external effects. c. inefficient allocation of resources and external effects. d. inefficient allocation of resources and no external effects.
Suppose compensation is given by W = 512,000 + 217? + 10.08S, where W = total compensation of the CEO, ? = company profits (in millions) = $200, and S = sales (in millions) = $400. What percentage of the CEO's total earnings are tied to profits of the firm?
A. 10.9 percent B. 5.1 percent C. 8.2 percent D. 7.8 percent
As long as two firms have different abatement costs, they:
A. can benefit under a system of marketable pollution permits by trading the right to pollute. B. will prefer a pollution tax to a system of marketable pollution permits. C. will decrease the price of their product if taxed on the amount of pollution they emit. D. will not be able to benefit from trading the right to pollute under a system of marketable pollution permits.