Which of the following is not a valid criticism of Fogel's (1964) methodology in his study of railroads?
(a) The canal prices used for 1890 were low.
(b) The impact of railroads on financial markets is ignored.
(c) The nonpecuniary gains from using railroads could have been considered.
(d) The amount of land cultivated would have been reduced.
(d)
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If production involves constant opportunity cost, the production possibilities frontier
A. is “bowed inward.” B. is a straight line. C. is “bowed outward.” D. is a wavy line. E. has an unpredictable shape.
In the financial crises of the 1990s, investors lost huge amounts of wealth as a consequence of the rapid drop in values of local firms in each country
a. True b. False Indicate whether the statement is true or false
When the minimum efficient scale occurs at a high level of industry output
A. the firms in the industry will be producing in the diseconomies of scale portion of the curve. B. there will only be a few firms in the industry. C. there will be a lot of firms in this industry. D. the government will have to take over the production of the good since it will be unprofitable for firms.
GNP minus depreciation is
A. retained earnings. B. NNP. C. GDP. D. national income.