All of the following statements accurately describe pre-1763 British colonial policy except:
a. England discouraged western settlements in an effort to reduce conflicts between colonists and Native Americans.
b. English taxes imposed on colonists were much lower than the taxes imposed on English residents.
c. England passed certain laws designed to reduce colonial production of goods that duplicated popular English products.
d. Colonial governors and the Privy Council rarely used their veto power to overturn colonial laws.
a. England discouraged western settlements in an effort to reduce conflicts between colonists and Native Americans.
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Pursuing comparative advantage means
A) adding up the plusses and minuses after a transaction. B) doing it to the other person first. C) making equal, fair exchanges for equally valued goods or services. D) sacrificing something less valuable for the sake of something more valuable. E) seeking relative status rather than absolute welfare.
In 2010, the United States had a nominal GDP of $14,958 billion and a real GDP of $13,598 billion, what was the GDP deflator?
a. 100 b. 109 c. 110 d. 111
Marginal Revenue is
A) the increase in total revenue from selling one more unit of output. B) equal to P(1+1/?). C) equal to P when the price elasticity of demand is infinite. D) All of the above.
An individual firm desiring to obey the letter of the law while avoiding the effects of regulation may use
a. predatory pricing. b. tit-for-tat strategies. c. creative response. d. collusion.