Answer:
C. protected property rights; were extractive and authoritarian
Explanation:
Based on the work of Acemoglu, Johnson and Robinson there were different types of colonization policies which created different sets of institutions. These authors argued that the colonization path was strongly influenced by feasibility of settlements. On the one hand, tropical places where diseases were more likely and affected Europeans the most, settlers formed extractive institutions. These institutions were not designed to protect private property or provide checks and balances against government expropriation. Their main objective was to transfer as much of the resources of the colony to the colonizer. On the other hand, where climates were more moderate, settlers seek to replicate European institutions, emphasizing private property and checks and balances against government power.
Answer:
The correct answer is option A.
Explanation:
The exit of existing firms from the market will reduce the overall market supply. This will cause the market supply curve to move to the left.
This leftward shift in the market supply curve will lead to an increase in the equilibrium price. The equilibrium quantity will be reduced.
The other firms in the market will get more market share and higher profits.
<u>Calculation of ending retained earnings balance after closing:</u>
The balance in ending retained earnings after closing can be calculated as follows:
Balance in retained earnings account before closing $297,000
Add: Revenues $185,000
Less: Expenses $103,700
Less: Dividends $18,000
Ending retained earnings balance after closing = $360,300
Hence, The balance in ending retained earnings after closing is <u>$360,300</u>