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

Group of answer choices

expensive; cheap

cheap; expensive

2 Consider the early modern period. If the US ran a trade deficit, specie would flow ___ US markets.

Group of answer choices

into

out of

3 Suppose banks become more liberal in their note issuance. This would likely cause ___.

Group of answer choices

deflationary pressures

no change in prices

inflationary pressures

4 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

5 Suppose banks become more liberal in their note issuance. This would likely cause ___.

Group of answer choices

deflationary pressures

no change in prices

inflationary pressures