Under the Sharecropping System, Poor Farmers Would

question 65

Multiple Choice

Under the sharecropping system, poor farmers would

• A) rent land from large landowners in exchange for half the crop produced on the land.
• B) work as wage laborers on the farms of large landowners.
• C) do handiwork on large farms in exchange food.
• D) receive a share of the crop from a large farm in an early version of a welfare system.
• E) pool their land and shared in whatever crops they produced.

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Definitions:

Variable Costs

Costs that change as output levels change.

Marginal Costs

The additional cost incurred in the production of one more unit of a good or service.

Fixed Costs

Costs that do not change with the amount of goods or services produced, such as rent, salaries, or insurance.

Accounting Profit

Profits as shown on a company’s financial statements. Accounting profit does not necessarily correspond to real or economic profit.