In 1785 in Philadelphia,half of the Individuals Sentenced to Jail

question 35

Multiple Choice

In 1785 in Philadelphia,half of the individuals sentenced to jail were guilty of:

• A)a property crime.
• B)homicide.
• C)public order crimes.
• D)not paying their debts.

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Definitions:

Import or Export

The practice of buying goods or services from foreign suppliers (importing) or selling goods or services to foreign buyers (exporting).

World Price

The cost of a product or service in the international marketplace, dictated by supply and demand across the globe.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service versus the total amount that they actually pay.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, usually due to market prices.