The most important source of foreign exchange earnings to offset the colonial deficit with England was
a. insurance charges and merchant commissions.
b. the sale of ships.
c. the sale of colonial shipping services.
d. inflows of sterling from British forces stationed in the colonies.
c. the sale of colonial shipping services.
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If a tax is increased, a. consumers will pay a higher price
b. consumers will lose consumer surplus. c. producers will receive a lower price after taxes. d. all of the above are true.
Assume a bank currently holds $75 million in demand deposits, $10 million in vault cash and $25 million deposited at the Federal Reserve. If the required reserve ratio is 15 percent, how much must the bank hold in required reserves?
a. $15.0 million b. $3.75 million c. $11.25 million d. $16.5 million e. $12.75 million.
The long run outcome of the monopolistically competitive firm:
A. does not maximize profits. B. occurs where price equals marginal cost. C. creates welfare loss. D. maximizes total surplus.
Refer to the above graph. When the quantity of product X sold increases from 8,000 to 10,000, the price elasticity of demand for product X over that range is:
A. inelastic. B. elastic. C. unit-elastic. D. perfectly inelastic.