The distribution of income and wealth in colonial America was
(a) relatively equal to that of modern America.
(b) relatively unequal to that of modern America.
(c) unequal in roughly the same degree as that in modern America.
(d) unequal, but the data are not good enough to allow a comparison with modern America.
(c)
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Which of the following statements about economic resources is true?
A) Economic resources include financial capital and money. B) All economic resources are man-made. C) Economic resources are also called factors of production. D) Economic resources are used only by businesses.
Net public debt is equal to
A) the gross public debt minus current year tax revenue collection. B) the gross public debt minus taxes paid by foreign corporations on their profits made in the United States. C) the gross public debt plus all governmental interagency borrowing. D) the gross public debt minus all governmental interagency borrowing.
For an oligopoly, when the quantity effect outweighs the price effect, the typical firm may find it optimal to:
A. decrease output. B. increase output. C. collude. D. expect firms will enter the industry.
The Stolper-Samuelson theorem indicates that, after a country shifts to free trade
A. the real return to the factor used intensively in the import-competing industry will rise in the long run. B. the real return to the factor used intensively in the export industry will rise in the long run. C. the real return to all the resources in an economy will increase. D. the real return to the factor used intensively in the export industry will fluctuate around a long-run trend.