Which of the following statements correctly characterizes the distribution of colonial wealth?
a. Colonial wealth was distributed equally across the population.
b. While the distribution wealth was highly concentrated in the South, New England , the Middle colonies had very equal wealth distributions.
c. Wealth inequality tended to be greatest in colonial cities.
d. A permanent underclass of free poor people developed during the colonial period.
c. Wealth inequality tended to be greatest in colonial cities.
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Which of the following can lead to a firm being more efficient that a market? A firm can have I. economies of scale. II. economies of scope. III. lower transactions costs
A) III only B) I and II C) II and III D) I, II and III
Periods of price deflation, such as the Great Depression, are characterized by
A) low nominal rates but high real rates of interest. B) low nominal and real interest rates. C) real rates of interest lower than the nominal rate of interest. D) high nominal and real rates of interest.
Which of the following taxes is based on the ability-to-pay principle?
a. tolls on a bridge b. income taxes c. gasoline excise taxes d. property taxes e. user fees that collect the same amount from each person
Because firms in perfectly competitive markets can sell any quantity without driving down prices, they should:
A. produce as much as possible to maximize profits. B. produce at the lowest cost per unit to maximize profits. C. try to flood the market. D. increase quantity until the additional profit it earns on its last unit sold is zero.