Which one of the following economic activities was NOT generally undertaken in New England in the colonial period?
(a) Fishing
(b) Farming
(c) Tobacco production
(d) Shipbuilding
(c)
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A recent study on enrollment at a liberal arts college concluded that demand elasticity is 0.91. The administration is considering a tuition increase to help balance the budget. The revenue-maximizing decision is to
A. decrease tuition, which should boost enrollment enough to balance the budget. B. decrease tuition, which would bring in more revenue. C. leave tuition as is—an increase would not help balance the budget. D. increase tuition, which would bring in more revenue.
When EP /P rises
A) IM will rise. B) IM will fall. C) IM may rise or fall. D) IM is not affected. E) IM and P* will both rise.
If a bank buys securities, its
A) net worth increases. B) net worth decreases. C) reserves increase. D) reserves decrease.
What is the difference between actual investment (as defined in GDP) and planned investment?
a. Planned investment does not include unplanned inventory changes; actual investment does. b. There is no difference; they are the same. c. Planned investment does not include depreciation; actual investment does. d. Planned investment includes inventories; actual investment does not. e. Planned investment includes depreciation; actual investment does not.