Suppose That an Individual Has a Constant MRS of Shoes

question 11

Multiple Choice

Suppose that an individual has a constant MRS of shoes for sneakers of : (that is,he or she is always willing to give up 3 pairs of sneakers to get 4 pairs of shoes) .Then,if sneakers and shoes are equally costly,he or she will

• A)buy only sneakers.
• B)buy only shoes.
• C)spend his or her income equally on sneakers and shoes.
• D)wear sneakers only 3/4 of the time.

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Definitions:

Reconstruction

The period after the Civil War (1865-1877) in the United States when the southern states were reorganized and reintegrated into the Union.

1873 Depression

A severe economic downturn that began in 1873, known as the Long Depression, characterized by widespread bank failures, unemployment, and a slowdown in industrial production.

North's Resolve

Refers to the determination and steadfastness of the Northern states during the American Civil War in their commitment to restore the Union and end slavery.

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Refers to agricultural laborers and farm owners in the southern United States, historically known for crops like cotton and tobacco.