On the eve of the Civil War, cotton was the major crop in the Old South

In a market with asymmetric information, a good is said to have hidden characteristics if:

A) the consumption of the good imposes an additional cost on the society. B) the production of the good generates additional benefits to the society. C) the seller offers secret discounts to some buyers. D) the buyer or the seller observes something about the good that the other does not.

In an open economy, there is interaction with other economies in terms of both trading of goods and services and borrowing and lending

Indicate whether the statement is true or false