At the Outset of the American War of Independence

question 65

Multiple Choice

At the outset of the American War of Independence  

• A) a majority of Americans supported the cause selflessly.
• B) most of the American business community sacrificed profit for victory.
• C) France provided generous military and economic assistance.
• D) only a select minority of Americans supported independence with selfless devotion and at enormous personal risk to themselves and their families.
• E) Spain was in total opposition.

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Definitions:

Inferior Good

An inferior good is one whose demand decreases as the income of the consumer increases, inversely related to income.

Price Decrease

A reduction in the cost of a good or service, which usually leads to an increase in the quantity demanded by consumers.

Allowance

An amount of money given regularly for a specific purpose, often by a parent to a child or by an employer to an employee.

Preferences

The subjective tastes and choices of consumers, which guide their decision-making in selecting among alternatives.