Which region in the New World received the smallest share of slaves?
a. Brazil
b. Colonial America
c. Spanish America
d. French Caribbean
b. Colonial America
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Explain the nature and consequences of asymmetric information for each of the following cases. What options are available in each instance to reduce the problem?
a. medical insurance b. issuance of credit cards c. professional athletes d. market for used appliances
A surplus budget can be used to combat an inflationary gap
Indicate whether the statement is true or false
If a society uses the market system, it must rely solely on markets to solve all of its problems
a. True b. False Indicate whether the statement is true or false
A natural monopoly occurs when:
A. long-run average costs decline continuously through the range of demand. B. a firm owns or controls some resource essential to production. C. long-run average costs rise continuously as output is increased. D. economies of scale are obtained at relatively low levels of output.