Hughes and Cain (2011) suggest that an event or series of events occurring in 1763 doomed British policy. What happened?
(a) A series of oppressive taxes
(b) A tightening and more rigorous enforcement of the Navigation Acts
(c) A proclamation which limited trans-Appalachian settlement to lands once granted to colonists
by crown approval
(d) An act that gave the Quebec province all the land west of the Ohio River
(c)
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The above table gives the demand schedule for Billy Bob's BBQ ribs. The demand for Billy Bob's ribs over the price range of $1 per pound to $3 per pound is
A) perfectly elastic. B) elastic. C) unit elastic. D) inelastic.
A weaker peso, relative to the US dollar, causes the demand for US exports to ______ and the demand of Mexican imports to______
a. Increase; Decrease b. Decrease; Increase c. Increase; Increase d. Decrease; Decrease
In Samoa the opportunity cost of producing 1 coconut is 4 pineapples, while in Guam the opportunity cost of producing 1 coconut is 5 pineapples. In this situation: a. if trade occurs, both countries will be able to consume beyond their original production possibilities frontiers. b. Guam will be better off if it exports coconuts and imports pineapples
c. both Samoa and Guam will be better off if Samoa produces both coconuts and pineapples. d. mutually beneficial trade cannot occur.
Jordan and Jennifer are musicians in New Orleans. Ezra is a musician thinking about moving to New Orleans. Which of the following statements is correct?
a. The wage needed to keep Jordan and Jennifer in the New Orleans music industry in the long run will be lower than the wage needed to keep them in the industry in the short run. b. The costs of entering the New Orleans music industry are sunk costs for Jordan, Jennifer, and Ezra. c. The costs of entering the New Orleans music industry are sunk costs for Ezra but not for Jordan and Jennifer. d. The wage needed to induce Ezra to enter the New Orleans music industry will be lower than the wage needed to keep him in the industry after he enters. e. The costs of entering the music industry in New Orleans are sunk costs for Jordan and Jennifer, but not for Ezra.