After the Civil War the southern sharecropper was often tied to the land by an economic system similar to although less onerous than slavery, and known as ______
a. debt peonage
b. the labor redundancy system
c. immiserizing growth
d. the Sea Islands system
a. debt peonage
You might also like to view...
The accompany diagram shows the market for gasoline, in which there are 1,000 consumers. Gasoline can be produced at a constant marginal cost of $2 per gallon. When the market is in equilibrium, the average consumer uses 15 gallons of gasoline per week.
Suppose a war breaks out, temporarily limiting the amount of gasoline available for civilian use to 10,000 gallons per week. In the interest of fairness, the government allocates 10 gallons per week to each consumer, taxes each consumer $20 per week, and forbids barter in gasoline. Will the shaded area in the diagram accurately measure the loss in consumers' surplus? Why or why not?
Which of the following is NOT a reason why a monopoly might be regulated?
A. To reduce the inefficiency associated with profits B. To limit prices in important markets with economic or political consequences C. To deal with the negative consequences of government-created monopolies D. To ensure that a good is produced at least cost
If a firm is experiencing diseconomies of scale, then
A. proportional increases in all inputs result in proportional increases in output. B. the firm should expand the size of its operation. C. the long-run average cost curve is decreasing as output expands. D. the long-run average cost curve is rising as output expands.
If nations trade on the basis of comparative advantage
A. a nation can usually gain only it has an absolute advantage. B. all trading partners share equally in the gain. C. all trading partners share in the gain with distribution determined by their negotiating ability. D. a nation with an absolute advantage gains more than the other nations.