Which of the following best describes chattel slavery?
(a) It provided protected property rights to the slaves.
(b) It offered property rights to the slave owners.
(c) It involved the establishment of a voluntary contract between slave and slave owner.
(d) It created wealth for the slave and slave owner.
(b)
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The Solow Growth Model is a tool that is used for studying:
A) how aggregate demand is determined. B) how net exports are determined. C) how aggregate supply is determined. D) how aggregate income is determined.
Which factor of production is paid "profit"?
A) entrepreneurship B) human capital C) labor D) land E) capital
Which of the following is most likely to have inelastic demand?
a. an expensive sports car b. experimental and unnecessary cosmetic surgery c. organic fruits and vegetables d. an effective cancer-fighting drug
The short-run industry supply curve is found by
A) taking the inverse of the industry demand curve. B) horizontally summing the average total cost curve of all firms in the industry. C) adding up the quantities supplied at each price by each firm in the industry. D) adding up the quantities supplied at each price by each of the firms in the industry that are making a profit.