In the antebellum period, U.S. cotton production
a. moved inland and westward following the invention of the cotton gin.
b. was unable to meet the demand of the growing U.S. textile industry.
c. was concentrated on small farms of less than 100 acres.
d. faced declining world demand for most of the antebellum period.
a. moved inland and westward following the invention of the cotton gin.
You might also like to view...
The percentage change in one's real income can be approximated by the percentage change in
A. price level minus the percentage change in nominal income. B. nominal income minus the percentage change in the price level. C. nominal income divided by the percentage change in price level. D. price level divided by the percentage change in nominal income.
Scientific evidence suggests that consumption of foods rich in fiber lowers cholesterol. As a result, the demand for bran increases at every price by 5,000 bushels and the supply curve for bran is perfectly price elastic. The quantity of bran consumed will
A. not change. B. change unless the demand curve is perfectly inelastic. C. rise by exactly 5,000 bushels. D. not rise by exactly 5,000 bushels unless the demand curve is perfectly inelastic.
Market failures ________ and generate ________
A) compel the government to act; regulations B) create monopolies or oligopolies; deadweight loss C) reduce economic efficiency; deadweight loss D) create deadweight loss; externalities
If the production of a good generates a positive externality, then:
A. there will be deadweight loss at the market equilibrium quantity. B. production of the good is harmful. C. total economic surplus will be maximized at the market equilibrium quantity. D. the government should tax producers of the good.