The Removal of Old Imperialistic-Mercantilist Restrictions Over British-North American Trade

question 114

Multiple Choice

The removal of old imperialistic-mercantilist restrictions over British-North American trade benefitted

• A)European nations trading with Canada.
• B)the United States.
• C)Toronto.
• D)Montréal.
• E)Mexico.

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Definitions:

Variable Cost

Costs that vary directly with the level of production, such as raw materials, labor, and energy used in the manufacturing process.

Long Run

A period in economics during which all factors of production and costs are variable, allowing for the full adjustment to changes.

Fixed Cost

Expenses that do not change with the level of output production, such as rent, salaries, or equipment leases.

Output

The quantity of a product or service produced within a given period by a company, sector, or economy.