Throughout U.S. history, which of the following sources provided the bulk of funds for railroad construction?
a. the federal government
b. state governments
c. local governments
d. private investors
d. private investors
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Economists refer to the talents, training, and education of workers as
A. physical capital. B. average labor productivity. C. human capital. D. labor supply.
In the most basic model presented in the text, when aggregate expenditures cross the 45-degree line,
a. saving equals intended investment b. saving is greater than intended investment c. saving is less than intended investment d. saving equals consumption e. saving equals inventories
Private entrepreneurs are likely to make better investment decisions than central planners because
What will be an ideal response?
In the long run, fixed costs are
A) sunk. B) avoidable. C) larger than in the short run. D) not included in production decisions.