Which of the following statements accurately describes pre-1763 British colonial policy?
a. England taxed the colonies extensively, requiring the colonists to pay a substantial portion of the costs of government administration and military protection.
b. The Navigation Acts placed a severe economic burden on the colonies, equaling more than 30 percent of colonial income.
c. England discouraged western settlements in an effort to reduce conflicts between colonists and Native Americans.
d. Colonial laws were not officially in effect until the Privy Council granted its approval.
e. All of the above statements accurately describe pre-1763 British colonial policy.
d. Colonial laws were not officially in effect until the Privy Council granted its approval.
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A movement downward toward the right along a typical production possibilities curve represents
a. decreasing production of both goods under consideration. b. increasing production of both goods under consideration. c. increasing production of one good and decreasing production of the other. d. increasing production of one good with no change in production of the other.
The IMF comprises of 50 member countries including all developed countries, and a few countries of Asia and Latin America
a. True b. False Indicate whether the statement is true or false
If demand is unitary elastic, a price decrease results in
a. an increase in total seller's total revenue b. no change in total seller's total revenue c. a decrease in total expenditure on the good d. a decrease in quantity demanded of the good e. an increase in supply of the good
Assume oligopoly firms are profit maximizers, they do not form a cartel, and they take other firms' production levels as given. Then in equilibrium the output effect
a. must dominate the price effect. b. must be smaller than the price effect. c. must balance with the price effect. d. can be larger or smaller than the price effect.