Historians are in general agreement that
(a) railroads opened the country and were built at great risk ahead of demand, gambling on the future.
(b) railroads sharply cut down transportation costs, linking the country together in all directions
and spurring the nation's growth far in advance of anything that might otherwise have been achieved.
(c) railroads were the single innovation of the 19th century that created a great leap forward
in terms of American economic growth.
(d) none of the above are true.
(d)
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The upward trend in the U.S. labor force participation rate the past 50 years is explained by
A) the increase in the population. B) the increase in the male labor force participation rate. C) the increase in the number of discouraged workers. D) the increase in the female labor force participation rate. E) Both answers B and D are correct.
Briefly list and discuss in turn the three limitations of the Pareto criteria
What will be an ideal response?
"Output fell 2 percent last quarter" is an example of a positive economic statement
a. True b. False
A good is excludable if
a. one person's use of the good diminishes another person's enjoyment of it. b. the government can regulate its availability. c. it is not a normal good. d. people can be prevented from using it.