What was not a reason for the decline of the Deep South between the Civil War and 1890?
a. Elimination of economies of scale in the production process.
b. An extended period of droughts and bad weather.
c. Significant withdrawal of labor from the fields, especially by women and children.
d. Increased competition from cotton suppliers in other nations.
b. An extended period of droughts and bad weather.
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According to the life-cycle hypothesis, if a person received a payment roughly equal to her current annual income, her consumption would:
a. roughly double b. increase but not as much as the increase in income c. increase by more than the increase in income d. would increase at all e. none of the above
There are few laws in economics. One is this: "As consumption of a good increases, the extra satisfaction received from consuming an additional unit of the good decreases.". This is known as the law of
a. demand b. diminishing total utility c. diminishing marginal utility d. diminishing marginal returns e. total utility