During the colonial period, individual producers
(a) were never required to produce specific goods or services.
(b) were, at times, required by colonial officials to produce certain staples if they wanted to produce cash crops. For example, the early governors of Virginia directed tobacco producers to also plant wheat.
(c) produced only what they were directed to produce by colonial officials as part of an overall plan of colonial development.
(d) received orders directly from England to produce what was viewed as most valuable to England.
(b)
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In a monetary system, credit cards are ________.
A. not money B. a medium of exchange C. a store of value D. a unit of account
Which term represents a situation in which all firms earn zero economic profits producing the output level where P = MR = MC and P = AC?
a. Perfect competition b. Marginal revenue c. Long-run equilibrium d. Shut-down point
Assume that the budget constraint in the figure below is: P E E + P A A = I, where I is total income and P E is the price of education and P A is the price of all other goods. If U(E,A) = A + E, P E = 2, P A = 1, and I = 10. What is the quantity of education and all other goods consumed?
Lindahl prices
A. result in efficient levels of public goods provision. B. require honest revelation of preferences. C. result in different prices for the same amount of output. D. cause all of these. E. none of these answer options are correct.