The annual colonial trade deficit (which equaled 20,000-40,000 pounds sterling in 1768-1772) was mostly financed by:
a. an outflow of specie.
b. paper money.
c. short-term credit from England.
d. payments made by a few very wealthy colonists.
c. short-term credit from England.
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In the long run, a monopolistically competitive firm ________ make an economic profit and a monopoly ________ make an economic profit
A) can; can B) can; cannot C) cannot; can D) cannot; cannot
If net exports are positive,
A) capital inflows must be greater than capital outflows. B) net foreign investment is negative. C) net foreign investment is also positive. D) Both A and B are correct.
In the short run, the labor supply curve for most people slopes upward because
A) labor supply experiences increasing marginal returns. B) the substitution effect is completely offset by the income effect. C) there is a direct relationship between the quantity of labor supplied and the quantity of labor demanded. D) the substitution effect is stronger than the income effect.
When a product's price increases from $800 to $1,200, the quantity demanded decreases from 11,000 to 9,000 . Based on this information, the price elasticity of demand (in absolute terms) is estimated to be equal to: a. 0.5
b. 2.0. c. 0.25. d. 4.0.