1) before the industrial revolution, the economy of North America under the colonist was characterized by:
(A) the domestic system of manufactoring goods.(B) Dependence on england for everyday goods.(C) a scarcity of natural resources. (D) hunting and gathering instead of agriculture. (E) The export of manufactored goods in England.
2) In which of the following market structures do individual businesses havbe control over their products price because of each business supplies a large portion of the products sold in the market place?
(a) Coercieve gambling (B) monopoly (c) government-granted monopoly (d) monopsony (e) oligopoly
3) which of the following is done by American government to counteract economic contraction?
(a) it decreases its own spending for goods and services.(b) it sells securities through the Fed (c) it may reduce interest rates (d)it raises reserve rate of banks (e) it decreases money supply.