Which statement best describes the South's economic experience from 1880-1900?
a. All regions of the South declined in per capita personal income, and LA, GA, AL, SC, and MS experienced the greatest declines in per capita personal income.
b. Every region in the South experienced growth, and LA, GA, AL, SC, and MS experienced the slowest growth rate of per capita personal income.
c. Every region in the South experienced growth, and LA, GA, AL, SC, and MS experienced the fastest growth rate of per capita personal income.
d. All regions of the South declined in per capita personal income, and LA, GA, AL, SC, and MS experienced the slowest declines in per capita personal income.
b. Every region in the South experienced growth, and LA, GA, AL, SC, and MS experienced the slowest growth rate of per capita personal income.
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Money costs and opportunity costs are concepts that are
A. not related in any meaningful way. B. used by tax accountants. C. related through the relative prices of goods and services. D. used by economists to learn the most efficient level of output.
A simultaneous leftward shift in SRAS and rightward shift in AD may come from the dollar _______________ in the aftermath of a ____________________ in United States real interest rates
A) depreciating; rise B) depreciating; fall C) appreciating; rise D) appreciating; fall
Which of the following statements best illustrates "Luddite reasoning"?
A. Labor is necessary for building and maintaining machines, and so increased demand for machines increases the demand for labor. B. Technology increases total output, and so it will increase the demand for labor. C. Technology makes it possible to replace workers with machines, and so it will decrease the overall demand for labor. D. New technology changes the type of labor demanded.
In recent years, the increasing relative wage of skilled labor has been mostly due to
A) a decrease in the supply of skilled labor that exceeds the decrease in demand. B) an increase in the demand for skilled labor that exceeds the increase in supply. C) a decrease in the supply of, and increase in the demand for, skilled labor. D) government laws promoting the hiring of skilled labor. E) government subsidies provided to college students.