1. As transportation costs rise, deadweight loss ___.

Group of answer choices

remains unchanged

falls

rises

2. Colonial North America had relatively ___ labor and relatively ___ land.

Group of answer choices

expensive; cheap

cheap; expensive

3. Consider two candidates for indenture, with the following characteristics.

Abram: 20 year old man

Beth: 20 year old woman

Everything else equal, who would most likely have a relatively longer indenture term than the other?

Group of answer choices

We can't say

Abram

Beth

4. "Historically, American populism tended to support tight monetary policy."

Group of answer choices

True

False

5. Which of the following would most likely increase total surplus in society? Select all that apply.

Group of answer choices

Lower taxes

TFP advance

Cheaper transportation

None of these!

More social transfer payments

Lower tariffs

6. "Country A has more 'resources' than Country B. Thus, Country A has a higher level of living standards than Country B."

Group of answer choices

True

False