FIGURE 5- 5 -Refer to Figure 5- 5. If Production and Consumption of and Consumption

question 54

Multiple Choice

FIGURE 5- 5
-Refer to Figure 5- 5. If production and consumption of gardening services were 5000 hours per month

• A) the value placed by consumers on the last 1000 hours is less than the additional costs associated with their provision.
• B) the resources going into the last 1000 hours of gardening service would be more highly valued elsewhere.
• C) this market is not achieving efficiency.
• D) the provision of the last 1000 hours would decrease the amount of economic surplus in this market.
• E) all of the above.

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Definitions:

Missouri Compromise

A 1820 agreement admitting Missouri as a slave state and Maine as a free state, maintaining a balance between slave and free states in the United States.

Popular Sovereignty

The principle that the authority of the government is created and sustained by the consent of its people, through their elected representatives.

Franklin Pierce

The 14th President of the United States (1853-1857), known for his pro-Southern views and policies that exacerbated sectional tensions leading up to the Civil War.

Whig Party

A political party active in the United States from the 1830s to the 1850s, advocating for federal government involvement in the economy and opposing the Democratic Party on issues regarding states' rights.