Fogel (1964) came up with two estimates of social savings (? and ?). What do they represent?
(a) The level of industrial productivity using railroads and the level not using railroads
(b) The lowered benefit of transport for agricultural goods using railroads and the lowered benefit of transport for all goods and passengers using railroads
(c) The lower output of the U.S. economy using transportation financed through domestic capital and foreign capital
(d) The cost of shipping goods by railroads and the cost of shipping by waterways and wagon transport
(d)
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If demand is unit elastic, revenue
A. and price rise and fall together. B. rises as price falls. C. falls as price rises. D. remains constant as price rises or falls.
A subgame-perfect equilibrium is a Nash equilibrium in which no player can make himself better off by changing his decision at any decision node
Indicate whether the statement is true or false
Refer to the table below. If the senior manager learns that either a Good or Fair market will exist when the drug is introduced to the market, which drug should the senior manager not pursue?
The senior manager of Rx Pharmaceuticals needs to decide which of three drugs the company should consider developing. The estimated profit for each of the drugs differs depending on the market conditions when the respective drugs are introduced to the market. The above table summarizes the estimated profit for each drug under each of the three market conditions; Good, Fair, and Poor.
A) Drug X
B) Drug Z
C) Drug Y
D) all of the drugs
No society can provide its citizens with everything that they want because of
a. greedy politicians b. lazy workers c. an educational system that does not provide hands on experience d. firms that strive to maximize profits e. a scarcity of resources