By the early 1700s, slavery had become concentrated in the southern colonies. Economic factors that explain this demographic trend include all of the following except
a. the South's use of the primogeniture system.
b. economies of scale available in the production of the South's primary crops.
c. a climate that allowed for year-round agricultural production.
d. early laws that prohibited slavery in most of the New England and Middle colonies.
d. early laws that prohibited slavery in most of the New England and Middle colonies.
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If a person supplies more hours of labor in response to a wage increase, then
A) the substitution effect is greater than the income effect. B) the income effect is greater than the substitution effect. C) the income effect equals the substitution effect. D) the person is not maximizing utility.
In an open economy, the source for the demand for loanable funds is
a. national saving. b. national saving + net capital outflow. c. investment d. investment + net capital outflow