The railroad expanded the size of our markets and therefore almost everything marketable, creating industries where none existed before. Joseph Schumpeter explained such an outcome as the result of
a. the upswing (or recovery) phase of a multi-investment cycle
b. the upswing (or recovery) phase of an internal cycle
c. the upswing (or recovery) phase of an innovation cycle
d. an entrepreneurial revolution in U.S. industry
e. the combination of immigration and capital deepening
C
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Everything else equal, when domestic currency appreciates against a foreign currency:
A) the nominal exchange rate goes u
In the circular-flow diagram, which of the following items does not flow from households to firms?
a. revenue b. land, labor, and capital c. factors of production d. profit
When one party has the incentive to shirk their responsibilities in a way that harms the other party to the contract it is called:
a. hidden actions b. hidden characteristics c. moral hazard d. adverse selection
The demand curve facing a monopolistic firm is
A. upward sloping. B. downward sloping. C. vertical. D. horizontal.