During the antebellum period, the South exported more to England than it imported. This Southern trade surplus with England benefited whom?
(a) The South
(b) The North
(c) England
(d) All of the above
(b)
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Suppose the actual equilibrium federal funds rate is above the rate implied by a particular inflation goal. In this situation, the Taylor rule implies that
A) monetary policy is contractionary. B) monetary policy is expansionary. C) fiscal policy is expansionary. D) fiscal policy is contractionary.
In the above figure, the intersection of curves A and C is the point at which
A) average total cost is minimized. B) average variable cost is minimized. C) average fixed cost is minimized. D) total product is maximized.
Programs that provide goods or services, rather than cash, directly to needy individuals or households are called:
A. social insurance. B. in-kind transfers. C. economic growth. D. conditional cash transfers.
When negative externalities exist in production, _____
a. the social supply curve lies to the left of the private supply curve b. the social supply curve lies to the right of the private supply curve c. the social supply curve is identical to the private supply curve d. the private demand curve lies to the right of the social demand curve e. the private demand curve lies to the left of the social demand curve