Which of the following is true for the period from Independence to 1860?
(a) The system of indentured servitude died out because it was seen to be immoral and inconsistent with the Constitution.
(b) The system of slavery flourished because the relative price of slaves fell consistently.
(c) The system of wage labor flourished as immigrant labor poured into the newly opened western lands.
(d) European immigrants typically shunned agricultural labor as their ticket to the good life.
(b)
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Potential GDP is the value of real GDP when ______
A. the unemployment rate equals the natural unemployment rate B. there is no frictional unemployment C. there is no structural unemployment D. the unemployment rate is zero
The social cost of pollution includes the private costs of the producers plus the costs to those bystanders adversely affected by the pollution
a. True b. False Indicate whether the statement is true or false
Which of the following would likely have the smallest deadweight loss relative to the tax revenue?
a. a head tax (that is, a tax everyone must pay regardless of what one does or buys) b. an income tax c. a tax on compact discs d. a tax on caviar
An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Rich to produce one TV?
A. 1/3 radio B. 12 radios C. 3 radios D. 1/5 radio