Plantation Owners Demanded Large Numbers of Workers, and the Number

question 86

Multiple Choice

Plantation owners demanded large numbers of workers, and the number of those enslaved grew rapidly, to several million by the 1860s. By the 1770s about ____ percent of the population in southern areas of the U.S. was African American.

• A) 10
• B) 20
• C) 30
• D) 40
• E) 50

Understand how economic theories like the law of diminishing marginal returns influence labor and production decisions.

Understand how firms make optimal hiring decisions based on labor supply and capital use.

Grasp the concept of the value of the marginal product of labor.

Recognize how changes in productivity and the cost of production factors affect firm decisions.

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Definitions:

FTC Rule

A regulation established by the Federal Trade Commission (FTC) to protect consumers and maintain competition.

Holder In Due Course

A legal term for someone who has acquired a negotiable instrument in good faith and for value, therefore having certain rights to it free of defenses.

Post-Dating

Writing a future date on a document or check, thereby delaying its effectiveness or negotiability until that date.

Negotiability

The feature of a financial instrument that allows it to be transferred or assigned from one party to another with the legal ownership and benefits passing to the transferee.