Which of the Following Was True of Poverty in the Colonial

question 43

Multiple Choice

Which of the following was true of poverty in the colonial period?

• A) Poverty was greater in the colonies than it was in Great Britain, which had more economic activity.
• B) The percentage of colonists living in poverty was great because the northern colonists considered slaves poverty-stricken.
• C) Limited supplies of land, especially for inheritance, contributed to poverty.
• D) Colonists differed greatly from the British back in England in how they viewed poverty and those living in poverty.
• E) It declined in the cities because of the rise of consumer markets.

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Definitions:

Fair Value

The price that would be received for selling an asset or paid for transferring a liability in an orderly transaction between market participants at the measurement date.

Non-interest Bearing Notes

A type of debt instrument that does not accrue interest over time, requiring the borrower to repay only the principal amount.

Historical Cost

The original monetary value of an asset or investment, not adjusted for inflation or changes in market value.

Present Value

The current worth of a future sum of money or stream of cash flows given a specified rate of return, used in discounting and investment appraisal.