Which of the following is a period of decreasing output that is severe and long lasting?
a. business cycle
b. expansion
c. peak
d. recession
e. depression
E
Economics
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The South suffered from a labor shortage immediately after the Civil War (1861–1865) mostly because
(a) freed slaves worked fewer hours. (b) freed slaves moved North. (c) Southern agriculture became mechanized. (d) Southern industry attracted workers away from agriculture.
Economics
We measure a person's productive contribution in a market system by
A) the marginal factor cost theory of the firm. B) the profit maximization theory of the firm. C) the marginal revenue product theory of wage determination. D) the egalitarian theory of wage determination.
Economics