Robert Fogel (1964) demonstrates that
(a) the social saving of the railroad was large; much of the country (over 25%) could not have
been settled and cultivated without the railroad.
(b) the canal and river systems of transportation could very nearly have produced the same
results as the railroad in terms of land cultivated.
(c) the railroad was responsible for a great "take-off" in terms of economic growth in the
19th century.
(d) the railroad gave a huge boost to the iron industry because for a time it consumed well
over 50% of all iron produced.
(b)
You might also like to view...
Refer to the figure above. What is the equilibrium price and quantity of the light bulbs?
A) Equilibrium price = $25, Equilibrium quantity = 0 units B) Equilibrium price = $25, Equilibrium quantity = 15 units C) Equilibrium price = $15, Equilibrium quantity = 15 units D) Equilibrium price = $5, Equilibrium quantity = 15 units
Why do firms in monopolistic competition operate with excess capacity?
What will be an ideal response?
An export subsidy will cause the terms of trade of the ________ country to ________ and will ________ the country
A) exporting; suffer; harm B) exporting; improve; benefit C) importing; suffer; harm D) importing; suffer; benefit E) importing; improve; harm
Dan Unowsky, director of remanufacturing for the Southern division of Enhanced Computers, finds that communication with marketing is very difficult. This is a ________ of separating marketing from production.
A. necessary component B. benefit C. cost D. potential opportunity