According to estimates by Richard Vedder, rates of exploitation for slaves:
a. are similar to those of antebellum manufacturing workers.
b. indicate that slaves received nearly the full marginal value product of their labor.
c. equaled 50-65 percent of their value marginal product.
d. cannot be determined due to inadequate data on maintenance costs of adult slaves.
c. equaled 50-65 percent of their value marginal product.
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Scarcity forces people to
A) cheat and steal. B) consume as much as they can as quickly as they can. C) choose among available alternatives. D) live at a low standard of living. E) be unwilling to help others.
The funds firms use to buy and operate physical capital are referred to as
A) government capital. B) physical capital. C) business capital. D) human capital. E) financial capital.
Using the HO model, assume that the United States is capital abundant and Mexico is labor abundant. If soybeans are capital intensive and avocados are labor intensive,
A) Mexico will produce more soybeans once trade is introduced. B) the United States will produce more avocados once trade is introduced. C) avocado prices in the United States will fall once trade begins. D) soybean prices in Mexico will rise once trade begins.
When the total surplus lost as a result of a tax is less than the amount of tax revenue collected by the government there is a deadweight loss
a. True b. False Indicate whether the statement is true or false