In examining incomes of free southerners prior to the Civil War, Walton and Rockoff conclude that, compared with northerners, free southerners were ______
a. at least 50% poorer than northerners.
b. far richer than northerners, except in the old South.
c. doing fairly well, even in the old South.
d. far richer than northerners but a downward trend was noticeable.
c. doing fairly well, even in the old South.
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Which of the following is not a criticism of monopolies?
a. They restrict output. b. They set price above the perfectly competitive level. c. They tend to be less innovative than firms in a competitive market. d. They exert a disproportionate amount of political influence. e. They reduce allocative efficiency through perfect price discrimination.
When the Fed purchases federal government bonds in the open market
A. the demand for money expands. B. there is no change in the money supply. C. the money supply expands. D. the money supply contracts.
If a bank has a lot of long-term loans, it will probably want to reduce interest rate risk by encouraging __________-term deposits, especially of interest rates are expected to __________ in the future
A) long; rise B) long; fall C) short; rise D) short; fall
If A and B are two sets such that set A is a subset of B, and "Pr" represents the probability, then Pr(A and B) will be:
a. Pr[A]. b. Pr[B]. c. Pr[A-B]. d. Pr[A+B].