Between 1820 and 1860, cotton output per slave:
a. remained fairly stable.
b. increased by about 10 percent.
c. increased by fourfold or more.
d. decreased slightly.
c. increased by fourfold or more.
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Compared to the 1960 and 1973 period, average real earnings of workers ________ from 1973 to 1995 and then ________ from 1996 to 2010.
A. declined; grew more slowly B. slowly; grew at about the same rate C. declined; declined even more D. grew more rapidly; declined
Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below. CalculatorsPer HourComputersPer HourSmith10010Jones1206If Smith and Jones are dividing their time efficiently and producing fewer than 10 computers and more than 120 calculators per hour, then Smith will ________ and Jones will ________.
A. produce only calculators; split his time between computers and calculators B. produce only calculators; produce only computers C. produce only computers; produce only calculators D. split his time between computers and calculators; produce only calculators
Labor costs $20 per worker and capital costs $100 per unit. Then, according to the above table, which of the following options for pizza production is technologically efficient?
A) Option 1 B) Option 2 C) Option 4 D) All of the above listed options are technologically efficient.
The marginal cost to society of reducing pollution increases with the increased use of pollution abatement because
A) of the diminishing marginal utility of abatement. B) of the reduced demand for abatement. C) of the diminishing returns from abatement. D) of the high cost of abatement.