What did the Proclamation of 1763 and the Quebec Act of 1774 represent?
(a) A continuation of earlier British land policies, but these were no longer workable or acceptable
to the colonists
(b) A temporary change in British land policies, but the change was not workable or acceptable
to the colonists
(c) A permanent change of earlier British land policies that was not acceptable to the colonists, who wanted a continuation of the old policies
(d) The Proclamation was more of a temporary change, but the Quebec Act represented a permanent change of earlier policy, neither of which was acceptable to the colonists
(d)
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A Federal Reserve publication proclaimed that "Trade is a win-win situation for all countries that participate." This statement is
A) false since it ignores the workers who lose their jobs as result of international trade. B) false since not all countries participate in international trade. C) true because it refers to countries; individuals may be losers as a result of international trade. D) true because all consumers and workers benefit from international trade.
A vertical aggregate supply curve
A. Implies that supply-side policies will have no effect on the macro equilibrium. B. Implies that aggregate demand shifts have no impact on output. C. Reflects the inflexibility of prices and wages. D. Is likely in the short run.