In the First Half of the Nineteenth Century, the American

question 58

Multiple Choice

In the first half of the nineteenth century, the American economy __________.

• A) benefited greatly from the connection between southern slavery and northern industry
• B) suffered because of the South's slave system
• C) depended primarily on northern industrial production
• D) depended primarily on profits from slave-grown cotton

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Definitions:

Total Surplus

The total net gain to consumers and producers from trading in a market, represented by the sum of consumer and producer surplus.

Employment

The condition in which an individual who is capable of working is engaged in a paid job.

Small Country Assumption

An economic model assumption that a country's market size is small enough that its actions do not affect world prices or incomes.

International Trade

The exchange of goods and services between countries, which can involve both importing and exporting.