An increase in price will increase supply

Which of the following statements correctly characterizes the colonial commodity trade deficit?

a. The Middle colonies had the largest commodity trade deficit. b. The Southern colonies exported more to Great Britain & Ireland than they imported. c. The colonies experienced commodity trade deficits not only in their trade with England, but also in trade with Southern Europe and Africa. d. The colonies had a commodity trade deficit with Great Britain, but a commodity trade surplus once all trades were taken into account.

The expression, "There's no such thing as a free lunch," implies that

a. everyone has to pay for his own lunch. b. the person consuming a good must always pay for it. c. opportunity costs are incurred when resources are used to produce goods and services. d. no one has time for a good lunch anymore.