The purpose of the Corn Laws was to
A. discourage imports and encourage exports, and thus keep the price of food high.
B. encourage both exports and imports in order to integrate the British economy with the rest of Europe.
C. discourage both imports and exports in order to promote economic self-sufficiency in Britain.
D. encourage imports and discourage exports, and thus keep the price of food low.
Answer: A
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Which of the following is TRUE?
A) When a market price allocates resources, everyone who is able to pay the price gets the resource. B) A command system works well when the lines of authority and responsibility are clear. C) When the government decides how to allocate tax dollars among competing uses, resources are allocated by command. D) When a manager offers everyone in the company the opportunity to win a prize, resources are allocated by a market price.
The market interest rate
a. typically increases from one year to the next b. represents the demand for investment c. represents the opportunity cost of funds d. represents the supply of loanable funds e. is not affected by the demand for investment