Economic historians roger ransom and richard sutch have estimated that african-american farmers in the u. s. south after the civil war worked about 30 percent fewer hours per year than they had as slaves before the civil war. if after the civil war, african-american farmers had continued to work these additional hours, their production and income would have been higher and so would have been u. s. gdp. source: roger l. ransom and richard sutch, one kind of freedom: the economic consequences of emancipation, second edition, new york: cambridge university press, 2001. would the farmers' well-being also have been higher as a result of working these additional hours? does your answer affect how we should interpret changes in u. s. gdp from before the civil war to after the civil war? briefly explain.

Which of the following is an effective strategy when interest rates are falling? a. use long-term loans to take advantage of current low rates. b. use short-term loans to take advantage of lower rates when you refinance a loan. c. deposit to a short-term savings instrumentals to take advantage of higher interest rates when they mature. d.select short-term savings instruments to lock in earnings at a current high rates.

1. all other things equal, according to the law of demand, when the price of a good falls, the demand for the good falls the demand for the good rises the quantity demanded of the good falls the quantity demanded of the good rises 2. when a market is in equilibrium, the quantity of the good that buyers are willing and able to buy exactly equals the quantity that sellers are willing and able to sell cannot be determined is less than the quantity that sellers are willing and able to sell is greater than the quantity that sellers are willing and able to sell 3. which of the following factors does not influence the demand for a good or service? consumer (buyer) income the price of related goods the number of sellers buyer expectations 4. when the number of sellers in a market increases, demand rises supply rises the price rises, all else equal the number of buyers falls

Frolic corporation has budgeted sales and production over the next quarter as follows. the company has 4100 units of product on hand at july 1. 10% of the next months sales in units should be on hand at the end of each month. october sales are expected to be 72000 units. budgeted sales for september would be: july august september sales in units 41,500 53,500 ? production in units 45,700 53,800 58,150