Which of the following arguments is consistent with the claims of Robert Fogel (1989)?
(a) The success of slave labor was tied closely to the number of labor hours per year.
(b) Compared to the slaves, the self-sufficient farmers in the North and those in the South were more likely to not work on Sundays, face a shorter work day and experience regular rest times.
(c) The productivity of slave labor increased with the use of specialization and rhythm.
(d) All of the above.
(c)
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Which of the following events could result in the consumption function shifting from CF0 to CF1?
A) a decrease in wealth B) an increase in expected future income C) a decrease in disposable income D) an increase in disposable income E) an increase in the real interest rate
Total physical product is maximized if marginal physical product is zero.
Answer the following statement true (T) or false (F)
Which of the following explains why theater prices for popcorn are three or four times higher than the popcorn price in the grocery store?
A. Grocery stores are satisfied with normal profit while theaters seek economic profit. B. The grocery store sells a much higher volume and gets its profits that way. C. The cost of popping the popcorn is high. D. The demand curve for popcorn in a theater is more inelastic than the demand for popcorn at the grocery store.
If the equilibrium price of gasoline is $4.00 per gallon and the government will not allow oil companies to charge more than $3.00 per gallon of gasoline, which of the following will happen?
A. Supply must eventually increase so that the market will come into equilibrium at a price of $3.00. B. The market will be in equilibrium at a price of $3.00. C. A nonprice rationing system such as ration coupons must be used to ration the available supply of gasoline. D. Demand must eventually decrease so that the market will come into equilibrium at a price of $3.00.