The South's post-Civil War backwardness was due to all of the following except
(a) extensive wartime destruction of life and property.
(b) the fiscal disaster of the Confederacy, whereby nine tenths of the state banks in the South vanished.
(c) the price of cotton was increasing, as it had prior to the Civil War, thus keeping cotton profitable and discouraging investors in the South from developing a modern manufacturing system.
(d) the failure of the sharecropping system to provide incentives for innovation and progress
in agriculture.
(c)
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National income is equal to
A) GDP minus depreciation. B) GNP plus depreciation. C) disposable personal income plus depreciation plus personal taxes. D) personal income minus personal taxes.
Saving is a basic source of investment financing.
Answer the following statement true (T) or false (F)
Refer to the above diagram. Assume that G and T1 are the relevant curves, the economy is currently at A, and the full-employment GDP is B. This economy has a(n):
A. cyclically adjusted budget surplus. B. actual budget deficit. C. actual budget surplus. D. cyclically adjusted budget deficit.
When two goods are complementary goods, as the price of one of the goods goes ______, the quantity demanded of the other goes ______.
A. down; down B. up; up C. up; down D. down; neither up nor down