By the end of the colonial period in U.S. history, slaves in the colonies
(a) owned land communally.
(b) had status in courts.
(c) helped meet a labor need.
(d) were born in Europe and shipped to the colonies.
(c)
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Refer to the World View article titled "North Korea's Food Shortage Grows." If North Korea reduces the size of its military and produces more food, this is most consistent with
A. The law of increasing opportunity costs. B. A laissez faire policy. C. A movement along the economy's production possibilities curve. D. Privatization.
You use $40,000 of your own money to start a catering business. During the first year you earn a 5% return on that investment. If the current interest rate on savings is 8%, you earn an economic profit of
A. -$1,200. B. $1,200. C. $2,000. D. $3,200.
Demand for one item goes down when the price of another item goes down. These items must be
A. substitutes. B. inferior goods. C. normal goods. D. complements.
When the ________ effect dominates the ________ effect, the labor supply curve is ________
A) income; substitution; vertical B) substitution; income; positively sloped C) income; substitution; negatively sloped D) substitution; income; horizontal