The work of Roger Ransom has shown that the burden of the Navigation Acts on colonial trade to continental Europe
a. was disproportionately large on the Southern colonies.
b. amounted to 5 percent of colonial income.
c. amounted to less than one percent of colonial income.
d. Both a and b are correct.
e. Both a and c are correct.
e. Both a and c are correct.
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Place point X on the graph to indicate full employment, point Y to indicate economic growth and point Z to indicate a bad depression.
If two variables are positively related, then
A) they move in opposite directions. B) they are independent of each other. C) they move in the same direction. D) their graph will have a negative slope.
An economy that self-corrects a recessionary gap will experience falling nominal wages, rising real wages, and falling output
a. True b. False Indicate whether the statement is true or false
In dollar value, the nominal GDP in the United States is
a. between 5 and 6 billion. b. between 8 and 9 billion. c. between 8 and 10 trillion. d. between 13 and 15 trillion.