Which of the following is least accurate?
a. In 2007, the United States imports significantly more than it exports.
b. Tariffs from imported goods accounted for over 90% of federal government revenue for the first 80 years of the United States.
c. The largest trading partner of the colonial United States was England.
d. In the late 1800s the US significantly increased its imports of raw materials to fuel its increased production of manufactured goods.
e. During the Napoleonic War, the United States' exports decreased significantly because the war disrupted trade routes.
e. During the Napoleonic War, the United States' exports decreased significantly because the war disrupted trade routes. Napoleonic War increased exports – all the nations were at war except the US.
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If, at the current price, there is a shortage of a good, then
a. sellers are producing more than buyers wish to buy. b. the market must be in equilibrium. c. the price is below the equilibrium price. d. quantity demanded equals quantity supplied.
Voters' Ordered PreferencesAbbyBobCarloPublic parksPublic zooPublic transportationPublic zooPublic transportationPublic parksPublic transportationPublic parksPublic zooIf a pair-wise majority vote was held, the voters' preferences are shown in the table, and Bob is setting the agenda for votes, which pair will he put up for vote first?
A. Public parks and transportation B. Public transportation and public zoo C. It will not matter, as it will not affect the outcome of the voting. D. Public zoo and public parks
Which of the following is NOT a commitment device?
A. A pre-nuptial agreement that provides for a large penalty in the event a spouse has an affair. B. A non-refundable advance payment to reserve a room at a resort. C. High fines for illegal parking on campus. D. A manufacturer's 2-year agreement to fix, at no cost to you, anything that breaks on your computer.
In a market system, how are the price signals established?
A) Consumer advocacy groups establish fair prices for items, and most firms follow these pricing guidelines because they don't want to anger their consumers. B) Industry associations establish an acceptable price range for each commodity sold within the industry, and member firms are obligated to abide by association guidelines. C) The forces underlying supply and demand interact to determine a market clearing price. D) Federal legislation establishes maximum prices for most goods, and state governments regulate the prices of any remaining items.