Fogel's work (1964) on the economic impact of railroads is mostly written in response to
(a) Rostow's takeoff theory.
(b) Schumpeter's theory of railroads building ahead of demand.
(c) David's theory of path dependency.
(d) Engerman's theory of multiroute analysis.
(a)
You might also like to view...
A regulated monopoly facing average cost pricing rule will make the same profit as a firm in ________ market does in the long run
A) an unregulated monopoly B) an oligopoly C) a perfectly competitive D) All of the above answers are correct.
Although some economists believe network externalities are important barriers to entry, other economists disagree because
A) they believe that the dominant positions of firms that are supposedly due to network externalities are to a greater extent the result of economies of scale. B) they believe that most examples of network externalities are really barriers to entry caused by the control of a key resource. C) network externalities are really negative externalities. D) they believe that the dominant positions of firms that are supposedly due to network externalities are to a greater extent the result of the efficiency of firms in offering products that satisfy consumer preferences.
According to classical economists, the government should increase government purchases when
A) the benefits of the spending exceed the costs. B) the economy is in a recession. C) the economy is likely to go into a recession in the next six months to a year. D) inflation is lower than its targeted level.
Use the LR curve to show what happens to output, the real interest rate, and the price level in the short run and in the long run if the government provides a tax credit to people who buy a new home, which leads to an increase in new housing
investment.