In the decade immediately following emancipation, former slaves
a. were willing to work under the gang system in return for wages and benefits.
b. decreased their labor supply.
c. obtained ownership of roughly 40 percent of southern farms.
d. moved to northern states in large numbers.
b. decreased their labor supply.
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According to the Application, the average cost of abating one ton of CO2 emissions through the hybrid subsidy is $177, but a switch from coal to natural gas in power plants would reduce CO2 emissions at less than one-third the cost of the hybrid
subsidy. The increase in cost associated with the reduction of one ton of CO2 emissions (assuming that each unit of CO2 emissions is measured in tons) describes the economic concept of A) marginal thinking. B) rational self interest. C) using assumptions to simplify. D) ceteris paribus.
An increase in the price level results in a(n) ________ in the quantity of real GDP demanded because ________
A) decrease; a higher price level increases consumption, investment, and net exports. B) increase; a higher price level increases consumption, investment, and net exports. C) decrease; a higher price level reduces consumption, investment, and net exports. D) increase; a higher price level reduces consumption, investment, and net exports.
The form of public debt that matures in 2 to 10 years is the
a. Treasury bond b. Treasury bill c. Treasury note d. U.S. savings bond e. U.S. savings bill
Which of the following statements is NOT an assumption underlying the production possibilities curve?
A. Resources are fully and efficiently employed. B. The amount of resources available for production can be changed quickly. C. Production occurs over some specified time period. D. Technology is fixed.