During the pre-Revolutionary period American colonists used their market power to rebel by:
a. organizing nonimportation associations in response to taxes.
b. organizing powerful labor unions.
c. creating large manufacturing firms that competed with English manufacturers.
d. forming farming cartels that increased the prices of American agricultural exports.
e. All of the above.
a. organizing nonimportation associations in response to taxes.
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If the equilibrium price of widgets is $22, and then a price ceiling of $24 is imposed by the government, as a result,
a. there will be no effect on the widget market. b. there will be a shortage of widgets c. there will be a surplus of widgets. d. the price of widgets will increase.
Underground activities are not counted in GDP because
A) some underground activities are illegal and the government doesn't want to place, for instance, drug dealers on an equal footing with small businesses. B) there are no written records of underground activities. C) of a decision made in the 1930s and no one has gotten around to changing it yet. D) although it is possible to accurately measure underground activities, it is harder than measuring above-ground activities because with the latter, one doesn't have to dig as deep.