Which of the following was a major omission from Ulrich B. Phillip's proxy for the rate of return in slavery?
a. The price of cotton
b. The price of slaves
c. The number of slaves
d. The productivity of slaves
e. The maintenance cost of slaves
d. The productivity of slaves
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Which of the following is TRUE when a budget deficit exists?
A) Dissaving exists. B) Tax revenues exceed government expenditures. C) A trade surplus exists. D) Government expenditures exceed tax revenues.
The tendency of workers to supply more labor in response to a larger reward for working is called the ________ of a higher real wage on the quantity of labor supplied
A) homogeneous labor supply effect B) negative correlation effect C) income effect D) substitution effect
Economic profit is:
a. total revenues minus variable costs. b. total revenues minus private costs. c. total revenues minus explicit costs. d. total revenues minus total costs.
Describe the short-run situation in U.S. agriculture. What are its causes?
What will be an ideal response?