Which of the Following Characterized the New England Freehold Society

question 65

Multiple Choice

Which of the following characterized the New England freehold society of the early eighteenth century?

• A) A small gentry elite that owned most of the land,which was farmed by tenants and other workers
• B) Many relatively equal landowning families whose livelihoods came from agriculture and trade
• C) Maritime cities consisting of wealthy traders,skilled artisans,and propertyless workers
• D) A relatively large elite whose economic and political power depended on manufacturing profits

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Definitions:

Profit-maximizing

The process or strategy of adjusting production and pricing to achieve the highest possible profit in a business.

Profit

The financial gain obtained when the revenue earned from business activities exceeds the expenses, costs, and taxes involved in sustaining the business.

Demand Curve

A graph illustrating how much of a given product a household would be willing to buy at different prices.

Perfectly Competitive

An economic model where numerous buyers and sellers exist, there's unrestricted entry and exit, and the product offered is uniform.