The Navigation Laws Required That

question 1

Multiple Choice

The Navigation Laws required that  

• A) all commerce to and from the colonies be carried only on British vessels.
• B) European goods going to the colonies had first to put in at a British port and pay duties.
• C) certain goods produced in the colonies, like tobacco, be shipped only to Britain.
• D) the colonies develop as quickly as possible the manufacturing of cloth and iron products for themselves.
• E) the colonies print their own currency.

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Definitions:

Midpoint Formula

A more precise way of calculating percentages using the value halfway between P1 and P2 for the base in calculating the percentage change in price and the value halfway between Q1 and Q2 as the base for calculating the percentage change in quantity demanded.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating how sensitive consumers are to price changes.

Hamburger

A popular fast food item consisting of a cooked patty of ground meat, typically beef, placed inside a sliced bun often accompanied with various condiments and toppings.

Slope

The measure of the steepness or inclination of a line or surface, typically expressed as a ratio.