Which of the following statements is not true about the economy of the Middle Colonies?
a. It was a net importer of food.
b. The farms were generally smaller than those in the South.
c. Wheat and flour were exported from this region.
d. Its main agricultural products were grains.
a. It was a net importer of food.
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If the price elasticity of demand for opera tickets in Orlando is 1.00, then the demand for opera tickets in Orlando is
A) unit elastic. B) elastic. C) perfectly inelastic. D) inelastic. E) perfectly elastic.
Aggregate producer surplus in an industry can be measured along the market supply curve in the short run but not in the long run.
Answer the following statement true (T) or false (F)
When the absolute price elasticity of demand equals 0.67, demand is
A) elastic. B) unit-elastic. C) inelastic. D) undetermined without more information.
Stagflation is defined as:
a. the simultaneous occurrence of high inflation and high unemployment. b. high inflation accompanied by falling interest rates. c. declining GDP accompanied by a stable price level. d. a persistent decline in the price level that is unresponsive to monetary and fiscal policies.