What Was the Result of the First Opium War Between

question 55

Multiple Choice

What was the result of the First Opium War between the British and China?

• A) China ceded Hong Kong to Britain.
• B) Hong Kong was displaced to China at a cost of $10 million pounds.
• C) China blockaded all British ports.
• D) Opium was legalized to make trading easier for both countries.
• E) No taxes were allowed to be levied on opium imports or exports.

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Definitions:

Resource Prices

The costs associated with the factors of production like labor, capital, land, and entrepreneurship used in the creation of goods or services.

Income Distribution

The way in which a nation's total earnings are divided among its population.

Marginal Revenue Product

The extra income created by using an additional unit of a production resource or input.

Price of Labor

The wages or compensation workers receive in exchange for their labor, determined by various factors including skill level, demand, and economic conditions.