Author Question: The text compares two studies on the profitability of slavery: one by Phillips and the other by ... (Read 60 times)

tsand2 · **on:** Jun 30, 2018

The text compares two studies on the profitability of slavery: one by Phillips and the other by Conrad and Meyer. The main reason for the difference in their results is:
a. Phillips failed to account for the effect of productivity gains in the concerned period.
b. Conrad and Meyer had better data on slave prices.
c. Conrad and Meyer used data from both northern and southern farms.
d. Phillips assumed that cotton prices were falling during the antebellum period.

Question 2

During the postwar period, changing patterns of consumer demand led to changes in the distribution of jobs in the US economy. In particular, the income elasticity of demand for many consumer products was ____________ the income elasticity of demand for services, such as medical care and insurance.
a. less than
b. greater than
c. equal to

janieazgirl · **Reply #1 on:** Jun 30, 2018

Answer to Question 1

a. Phillips failed to account for the effect of rising marginal product on profitability.

Answer to Question 2

a. less than