The Colonists Believed They Were Being Treated Unfairly by Britain

question 30

Multiple Choice

The colonists believed they were being treated unfairly by Britain because of

• A) taxation without representation.
• B) removal of power from the colonial governments.
• C) lack of colonial governing power.
• D) All of the above

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Definitions:

Classical Economists

Early economists, such as Adam Smith and David Ricardo, who focused on the role of free markets in promoting economic growth and efficiency.

Recession

A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in successive quarters.

Interest Rates

The cost of borrowing money expressed as a percentage of the principal, or the rate earned by savings and investments.

Keynes

Refers to John Maynard Keynes, a British economist whose theories on government economic intervention laid the foundation for modern macroeconomics.