Which of the following is an economic argument used to explain why slavery persisted in the U.S.?
(a) Slavery crushed out individualism among slaves.
(b) The social structure of slavery did not permit black leaders to lead revolts.
(c) Slavery was an overall moral institution.
(d) Slavery was a rational institution.
(d)
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The ________ curves are both vertical
A) long-run aggregate supply and long-run Phillips B) aggregate demand and short-run Phillips C) short-run aggregate supply and short-run Phillips D) long-run aggregate supply and short-run Phillips
The law of increasing relative costs, depicted by the concavity of the production opportunities frontier, is most closely related to the
a. downward slope of the demand curve. b. upward slope of the demand curve. c. downward slope of the supply curve. d. upward slope of the supply curve.
If a country were to increase its saving rate, then in the long run it would also increase its
a. level of income. b. growth rate of income. c. growth rate of productivity. d. All of the above are correct.
Choosing between public or private provision of a good always lead to market efficiencies.
A. True B. False C. Uncertain