U.S. cotton production
a. remained concentrated in Georgia and South Carolina until after 1860.
b. was unable to compete with wool production in the antebellum textile industry.
c. accounted for more than half of the dollar value of US exports between 1800 and 1850.
d. faced declining world demand for most of the antebellum period.
c. accounted for more than half of the dollar value of US exports between 1800 and 1850.
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When the competitive market is using its resources efficiently, the
A) total amount of consumer surplus is maximized. B) total amount of producer surplus is maximized. C) sum of the total amount of consumer surplus plus the total amount of producer surplus is maximized. D) sum of the total amount of consumer surplus plus the total amount of producer surplus equals zero.
Land owners with secure and protected property rights are motivated to
(a) use their land productively. (b) maintain their land and its value as long as the land is owned privately and profits are realized by the land owners. (c) not hold their land idle if they face property taxes due to costs imposed by the tax system. (d) link land ownership and personal freedom.