U.S. cotton production
a. remained concentrated in Georgia and South Carolina until after 1860.
b. was unable to compete with wool production in the antebellum textile industry.
c. accounted for more than half of the dollar value of US exports between 1800 and 1850.
d. faced declining world demand for most of the antebellum period.
c. accounted for more than half of the dollar value of US exports between 1800 and 1850.
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The substitution effect of an increase in the price of Raisin Bran refers to
A) the decrease in the demand for Raisin Bran when its price rises. B) the result that consumers will now switch to a substitute good such as Cheerios, and the demand curve for Raisin Bran shifts to the left. C) the fact that the higher price of Raisin Bran relative to its substitutes, such as Cheerios, causes consumers to buy less Raisin Bran. D) the fact that the higher price of Raisin Bran lowers consumer's purchasing power, holding money income constant.
In most countries, primary and secondary education is the responsibility of the
a. private business sector. b. religious institutions. c. government sector. d. household.
Alan Jones owns a company that sells life insurance. When he employs 10 salespersons his firm sells $200,000 worth of contracts per week, and when he employs 11 salespersons, total revenue is $210,000 . The marginal revenue product of the 11th salesperson is:
a. $20,000. b. $410,000. c. $210,000. d. $10,000.
The 12 Federal Reserve Banks can best be characterized as:
A. central banks, banker's banks, and quasi-public banks. B. investment banks, banker's banks, and public banks. C. national banks, quasi-public banks, and investment banks. D. regional banks, public banks, and member banks.