The Tea Act:
a. raised the price of tea to colonists.
b. allowed for more "middlemen" to be involved in the exportation of tea from India to America.
c. made tea an "enumerated good" under the Navigation Acts.
d. harmed smugglers of Dutch tea.
d. harmed smugglers of Dutch tea.
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Suppose that good X is on the horizontal axis and all other goods (measured in dollars) are on the vertical axis in the consumer-choice diagram. If the consumer gains $10 in income, then
a. the new budget line is parallel to and lies 10 units to the left of the old budget line. b. the budget line shifts up by 10 dollars, with no change in the slope. c. the vertical intercept of the budget line shifts up by $10, but the horizontal intercept remains unchanged. d. the slope of the budget line increases by 10 percent.
If demand is perfectly elastic, then
a. the demand curve is a horizontal line b. supply is perfectly inelastic c. supply is perfectly elastic d. the demand curve is a vertical line e. the demand curve is downward sloping
The components of the U.S. current account balance are:
a. goods, services, expense receipts and payments, and unilateral transfer. b. goods, services, income receipts and payments, and unilateral transfer. c. goods, services, and unilateral transfer. d. income receipts and payments, and unilateral transfer.
Using Figure 1.4 above, we know the production of 9 units of soda and 3 units of pizza is 
A. possible, but there would be unemployment. B. impossible because we either do not have the resources or the technology. C. undesirable. D. possible, but only if all resources were fully employed.