When the English Gained Control Over New Netherland

question 11

Multiple Choice

When the English gained control over New Netherland,

• A) the autocratic spirit survived.
• B) democracy replaced the old autocratic system.
• C) the colony grew quickly.
• D) new leaders distributed land grants in a more egalitarian fashion.
• E) they did so with much bloodshed and many lives lost.

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Definitions:

Productive Efficiency

A state where an economy or entity cannot produce more of one good without producing less of another, utilizing all resources in the best possible way without waste.

Economic Profit

The difference between total revenue and the total opportunity costs (both explicit and implicit) of all resources used.

Productive Efficiency

A situation where goods and services are produced at the lowest possible cost and resources are utilized most effectively.

Allocative Efficiency

A state of resource allocation where goods and services are distributed according to consumer preferences and in a way that maximizes social welfare.