Research on the productivity of southern cotton plantations shows that:
a. cotton production was greater on large slave plantations than on small free-family farms.
b. the majority of the South's cotton crop was grown on farm units of less than 100 acres.
c. output per slave declined during the antebellum period.
d. plantation-style agriculture was inefficient.
e. All of the above.
a. output per unit of input was greater on large slave plantations than on small free-family farms.
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How much labor does a firm require to produce q = 1000 when capital is fixed at 5 and they have a production function equal to q = 200L0.5K0.5?
A) L = 5 B) L = 2.5 C) L = 200 D) L = 2.25
Which of the following is associated with peaks in the business cycle? a. Relatively high levels of unemployment. b. Recessions
c. Relatively low levels of unemployment. d. Both answers a. and b. above are correct.