Contemporary observers of slavery such as Cassius M. Clay and Frederick Law Olmstead suggested that:
a. slave labor was much less productive than white labor.
b. slave labor was much more productive than white labor.
c. slave labor and white labor were equally productive.
d. slave labor in the agricultural setting was more productive than slave labor in the manufacturing setting.
a. slave labor was much less productive than white labor.
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In the long run a monopolistic competitor
A) set MR = MC. B) produces where P = AC. C) sets P > MC. D) All of the above.
In a short-run production process, the marginal cost is rising and the average total cost is falling as output is increased. Thus, marginal cost is
A) below average total cost. B) above average total cost. C) between the average variable and average total cost curves. D) below average fixed cost.
Which of the following countries has a low level of trade by world standards but has typically shown large trade surpluses in recent decades?
a. United States b. Brazil c. Japan d. France
Rational behavior for an economist means that individuals
A. always value societal needs more than their own needs. B. are self-sacrificing. C. never change their minds. D. are motivated by self-interest.