Historians typically disagree with which of the following contentions from Time on the Cross?
(a) Slavery was profitable for Southerners and consequently resulted in wealth accumulation.
(b) Slavery was on the verge of extinction on the eve of the Civil War.
(c) Slave owners were moral and treated slaves with kindness and high standards.
(d) Slave breeding and sexual exploitation were myths and slave sales rarely broke up slave families.
(d)
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If we look at the federal government budget over the past 40 years we see that
A) most years the government budget has been balanced. B) the government has been running a budget deficit since 1997. C) only occasionally has the budget been in deficit. D) most years the budget balance has not been calculated. E) most years the budget has been in deficit.
Total utility is maximized when a consumer has spent all of his or her income and
A) spent equal amounts on all goods. B) marginal utility is maximized. C) the total utility per dollar from all goods is equal. D) the marginal utility per dollar from all goods is equal.
If economists forecast a decrease in aggregate expenditure, which of the following is likely to occur?
A) Inventories will fall. B) GDP will rise. C) GDP will fall. D) Wages will rise.
If borrowing is precluded, then beginning at age 18, the individual will consume
Consider an individual who enters adulthood and the labor force at age 18, expects to work 5 years at a real income of $10,000 per year, anticipates earning a real income of $40,000 per year from age 23 to 63, expects to retire with a $10,000 annual pension, and live until age 78. Suppose the interest rate is zero, and the individual seeks perfectly smooth consumption across his adult lifetime. a) $10,000 each year until age 23, then about $32,000 per year afterwards b) $10,000 every year c) all of his income as he receives it each year d) $10,000 per year until age 23, then $25,000 per year afterwards e) $25,000 every year