What was not true about the New England colonial economy?
a. Fishing was a major economic activity.
b. It was a net importer of food and fiber.
c. Shipping was a major economic activity.
d. It was the most productive area in terms of agriculture.
d. It was the most productive area in terms of agriculture.
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Suppose you earn $4,800 a month and spend exactly $160 in each of the 30 days. If you deposit $1, 600 into your checking account on the first day, eleventh day, and twenty-first day of the month, then your average quantity of money demanded is
A) $800. B) $1,200. C) $2,400. D) $4,800.
Which of the following is not a limitation of the Pareto criteria?
a. Almost any policy change will make at least one person worse off. b. The status quo is lent legitimacy from being the starting point for evaluating social welfare. c. The criteria cannot tell us if a particular policy change will make all participants better off. d. The criteria do not allow for the ranking of all possible states of the world.