Which one of the following was not a goal of the Navigation Acts?
a. Protect and encourage English and colonial shipping.
b. Ensure that major colonial imports from Europe were shipped from British ports.
c. Ensure that the bulk of desired colonial products were shipped to England.
d. Prevent West Indian planters from increasing their control over the U.S. colonial trade.
d. Prevent West Indian planters from increasing their control over the U.S. colonial trade.
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Constant returns to scale cause the long-run average cost curve to be:
A. horizontal. B. vertical. C. upward-sloping. D. downward-sloping.
The more inelastic the demand for agricultural output, the stronger the incentive for farmers to engage in rent-seeking activities.
Answer the following statement true (T) or false (F)
Which of the following is most likely to be an impact of foreign direct investment?
A. Government revenue of the home country increases. B. The wage rate declines in the host countries. C. The rental rate of capital declines in the home country. D. Temporary unemployment may arise in the home country.
Last year the price of a dozen eggs was $2, and this year the price is $2.60. Which of the following does NOT express this price change accurately?
A. The price increased 30 percent. B. The price increased by 60 cents. C. If this year is the base year, the index number for last year would be 130. D. If last year was the base year, the index number for this year would be 130.