Conrad and Meyer (1958) counter Fogel and Engerman's (1974) claim that slave breeding was a myth by arguing that any profit-maximizing slave owner would consider slave breeding as long as:
(a) The expected rate of return from slave sales fell below the costs of rearing the slave to the age of sale.
(b) Slavery was an irrational institution.
(c) The expected rate of return from slave sales exceeded the costs of rearing the slave to the age
of sale.
(d) Slavery was an immoral institution.
(c)
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Refer to Table 2-6. What is Lucy's opportunity cost of making a wagon?
A) 3/4 of a wagon B) 2 tricycles C) 1 1/3 tricycles D) 3 wagons
In the simple Keynesian model, if the tax function is given by T = 0.15Y and the consumption function is C = 50 + 0.7YD then a 10-unit increase in government spending would increase equilibrium income by
a. 10 units. b. 11.2 units. c. 22.4 units. d. 30 units. e. none of the above
The Eurocurrency market is limited to exchanges that include the euro.
a. true b. false
An increase in investment spending caused by higher expected rates of return will:
A. shift the aggregate supply curve to the left. B. move the economy up along an existing aggregate demand curve. C. shift the aggregate expenditures curve downward and the aggregate demand curve to the left. D. shift the aggregate expenditures curve upward and the aggregate demand curve to the right.