By 1900, the leading cotton producing state was
a. Georgia.
b. Louisiana.
c. Texas.
d. Mississippi.
c. Texas.
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If a firm increases its capital stock per person while holding constant the number of workers employed, the firm is said to experience
A) capital augmentation. B) labor intensity. C) capital deepening. D) investment deepening.
If the demand curve for bottled water shifts rightward and the supply curve of bottled water shifts leftward, the equilibrium
A) price of bottled water definitely increases. B) price of bottled water definitely decreases. C) quantity of bottled water definitely increases. D) quantity of bottled water definitely decreases.
A firm that backward vertically integrates
A) moves downstream in the production process. B) requires that the production process be relatively simple. C) has to merge with another firm. D) may be producing its own inputs.
Tiger Woods, a professional golfer, pays a garage mechanic to change the motor oil of his car even though he can do the work himself. Which of the following best explains why Tiger Woods does not change the oil himself?
A) Tiger Woods has an absolute advantage in changing oil. B) Tiger Woods has a comparative advantage in changing oil. C) There is no opportunity cost for the garage mechanic to change oil. D) The opportunity cost of changing oil is higher for Tiger Woods than for the garage mechanic.