With regard to the cost of the Civil War (1861–1865), Hughes and Cain (2011) argue all of the following except
(a) It mobilized idle men and other resources on a vast scale.
(b) The cost of the lives lost can be measured using the concept of "human capital."
(c) The war's cost could have purchased all the slaves from their owners at 1860 prices, given each slave family 40 acres and a mule, and still had $3.5 billion left over for "reparations"—back wages to the freed slaves.
(d) The real burden was widely felt by those individuals who owned Confederate financial assets, those whose crops and farm animals were sequestered, those whose homes and farm buildings were destroyed, and the dead.
(a)
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The marginal propensity to consume equals
A) consumption expenditure divided by the change in disposable income. B) the change in consumption expenditure divided by disposable income. C) the change in consumption expenditure divided by the change in disposable income. D) consumption expenditure divided by disposable income. E) the change in autonomous consumption divided by the change in induced consumption.
Economists measure the price level
A. by keeping track of nominal GDP. B. using a price index. C. by measuring the growth rate in money supply. D. by measuring the growth rate in real GDP.