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.
a. The Middle colonies had the largest commodity trade deficit.
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A firm that can sell its output for $40 per unit. When it increases its labor force from 4 workers to 5 workers its output increases from 15 to 17 units. The value of marginal product of the 5th worker is
A) $680. B) $340. C) $80. D) $40.
Marginal utility theory is used in the derivation of the
A) negative slope of demand curves. B) negative slope of supply curves. C) positive slope of demand curves. D) positive slope of supply curves.