According to the mercantilists, colonies were supposed to export ________ and import ________ from _______
a. manufactured products, raw materials, the mother country.
b. raw materials, manufactured products, countries outside the empire.
c. manufactured products, raw materials, countries outside the empire.
d. raw materials, manufactured products, the mother country.
d. raw materials, manufactured products, the mother country.
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Rank the following goods from most elastic to least elastic: The Economic Way of Thinking (11th ed.), economics textbooks, textbooks
A) The Economic Way of Thinking (11th ed.), economics textbooks, textbooks B) The Economic Way of Thinking (11th ed.), textbooks, economics textbooks C) Economics textbooks, The Economic Way of Thinking (11th ed.), textbooks D) Textbooks, economics textbooks, The Economic Way of Thinking (11th ed.) E) None of the above.
Based on Table 3.1, the opportunity cost of a pair of shoes in the United States is
A) three computers. B) two computers. C) one computer. D) one-half computer. E) None of the above.
A needy family consisting of a mother and three children currently receives cash benefits that average $12 per day. The mother of this family is allowed to earn an average of $4 per day before her benefits begin to decline. After that, for each dollar earned, cash benefits decline by 67 cents for each dollar earned. Assume that she can find work at $4 per hour. How many hours will she have to work per day before her benefits are eliminated?
What will be an ideal response?
If a consumer is maximizing utility, she will purchase quantities of output to the point where the price of the last unit purchased is equal across all goods
a. True b. False Indicate whether the statement is true or false