According to the text, large slave plantations were _____ efficient than farms without slaves because (among several reasons) _______
a. more, the intensity per hour with which slaves worked was high
b. more, large plantation owners used political power to control the best land
c. less, free men worked harder than slaves
d. less, slaves frequently sabotaged production
a. more, the intensity per hour with which slaves worked was high.
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Final goods and services are ________ production and ________ counted in GDP.
A. the end products of; are not B. the end products of; are C. used up in the process of; are not D. used up in the process of; are
Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year. Country has 100 workers. Suppose a worker in Country B can make either 2 iPods or 10 tablets each year. Country B has 200 workers. A bundle of goods that Country B could potentially make would be:
A. (400 iPods, 2,000 tablets). B. (200 iPods, 1,500 tablets). C. (300 iPods, 450 tablets). D. (400 iPods, 1 tablet).
If a new entrant (or an established firm) wants to leave a contestable market,
a. all, or nearly all of, the invested capital values can be recovered. b. another firm will always enter to take its place. c. it must accept large losses in its capital investment, so it is unlikely to exit. d. its leaving will be contested by regulators in the market who seek to prevent exit.
Which one of the following would increase per-unit production cost and therefore shift the aggregate supply curve to the left?
A. A reduction in business taxes. B. Production bottlenecks occurring when producers near full plant capacity. C. An increase in the price of imported resources. D. Deregulation of industry.