Which one of the following was a basic economic conflict between the North and the South in the years preceding the Civil War?
A. The North opposed the high protective tariffs the South supported to protect its manufactured goods.
B. The South opposed the high protective tariffs the North supported to protect its manufactured goods.
C. The North demanded the abolition of slavery.
D. The North opposed the building of a transcontinental railroad.
B. The South opposed the high protective tariffs the North supported to protect its manufactured goods.
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Which of the following are not counted when we compare a family's income to the poverty line?
a. In-kind transfers such as food stamps, Medicaid, and public housing. b. Cash welfare payments such as from social security. c. Cash payments when a worker becomes unemployed. d. Both a. and b. above are correct.
Diminishing marginal product occurs when
a. the increases to total output are declining. b. marginal product is negative. c. total output is decreasing. d. All of the above are correct.
Referring to a production possibilities curve and the goods being compared, depict the economic event. Suppose the United States was at full employment in 2003 just before invading Iraq. Although the war was won quickly, winning the peace took a decade (guns vs. butter).
A. A movement from a point on or near the curve to a point inside the curve B. A shift in the entire curve to the right (outward) C. A shift in the entire curve to the left (inward) D. A movement along the curve
Country A can produce either 2 tons of cocoa or 4 cars with 10 units of labor. Country B can produce either 5 tons of cocoa or 25 cars with 10 units of labor. Based on this information, which of the following is true?
(a) Country A has an absolute advantage in the production of cocoa, while Country B has a comparative advantage in the production of cocoa (b) Country A has a comparative advantage in the production of cocoa, while Country B has a comparative advantage in the production of cars (c) Country A has an absolute advantage in the production of cocoa, while Country B has a comparative advantage in the production of cars (d) Country A has a comparative disadvantage in the production of both goods (e) Neither country has a comparative advantage in the production of either good