The Concept of "Virtual Representation" Meant That

question 18

Multiple Choice

The concept of "virtual representation" meant that

• A)the House of Commons represented all non-noble citizens in the empire whether or not they voted in elections.
• B)American assemblies were the only bodies that could tax Americans.
• C)members of American assemblies could designate their replacements.
• D)only true and honest men should be elected to office.

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Definitions:

Benefits To Consumers

The advantages or improvements in welfare, service, or product quality experienced by consumers.

Cost To Suppliers

The total expenses incurred by suppliers in the process of producing and selling goods or services.

Externality

A consequence of an economic activity experienced by unrelated third parties; it can be either positive or negative.

Market Failure

Situations where the allocation of goods and services by a free market is not efficient, often requiring government intervention.