Southern slave owners were not rational people and did not strive to maximize profits through the use of the slave system of production
Indicate whether the statement is true or false
False
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Using Figure 1 below, if the aggregate demand curve shifts from AD2 to AD1 the result in the long run would be:
A. P5 and Y1.
B. P5 and Y2.
C. P4 and Y1.
D. P4 and Y2.
An economist looks at data that suggests that people are making decisions that are based on rules of thumb. She concludes that people tend to make decisions that are based on habit and not on the economic decision rule. She is most likely a(n):
A. behavioral economist. B. irrational economist. C. traditional economist. D. engineering economist.
The perfectly competitive firm's demand curve has
A. a slope of infinity. B. a positive slope. C. a negative slope. D. a slope of 0.
The problem generally associated with public goods is:
A. free-riding. B. adverse selection. C. moral hazard. D. self-selection.