The outcome of the Civil War in the United States was that:
a. the Confederates were allowed to keep their currency.
b. the value of the Confederate dollar increased at the end of the war.
c. the Confederate dollar became worthless.
d. the North's currency declined in value.
Ans: c. the Confederate dollar became worthless.
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Suppose that the Home country in the twosector (manufacturing and agriculture) specificfactors model has a comparative advantage in manufactured output. What is the effect on the return of land after trade occurs?
a. The return on land increases. b. The return on land decreases. c. The return on land does not change. d. The effect cannot be determined.