Which of the following is an important difference between police protection and food and explains why one is commonly provided by government while the other is not?
A) Food can easily be withheld from people who don't pay for it.
B) Food is not a traditional concern of government.
C) Food is too vital to be entrusted to government.
D) Food producers form a powerful political lobby.
E) Food provided through government would be inefficient.
A
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If the economy were truly made of industries that fit the textbook definition of perfect competition what do you expect would be a major disadvantage of this from the consumer's perspective?
What will be an ideal response?
Which of the following statements accurately characterizes American trade during the Revolutionary War?
a. The American colonies actively traded with France, Holland and Spain until 1778, when trade was hampered by British blockades. b. British blockades hampered the trade activities of first Northern and later Southern ports. c. American trade remained below pre-war levels. d. Decreases in imports led to increases in domestic production of textiles, beer and other products. e. Both b and c are correct.