The research of Gavin Wright (1978) on the antebellum period suggests that
(a) there was no limit on the profitability of the plantation utilizing slave labor.
(b) issues with management, communication and discipline limited the profitability of the slave plantation.
(c) more than 75 percent of the Southern farms were plantations and utilized slave labor.
(d) all of the above.
(b)
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Assume a simplified banking system subject to a 20 percent required reserve ratio. If there is an initial increase in excess reserves of $100,000, the money supply:
A. increases $100,000. B. increases $500,000. C. increases $600,000. D. decreases $500,000.
If the price of a good falls by 10% and the percentage decrease in the total amount consumers spend on the good is 10%, then the good is
A. unit elastic. B. elastic. C. inelastic. D. perfectly inelastic.