Initially, the creation of railroads was opposed in some countries because:
A) it was likely to increase poverty.
B) it was likely to increase the cost of trade.
C) it was likely to provide more power to monarchs and rulers.
D) it was likely to initiate creative destruction.
D
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The cost of lobbying for an import quota in a perfectly competitive market
A) increases the welfare loss of the quota. B) decreases the deadweight loss of the quota. C) shifts the supply curve of the good to the left. D) increases the consumer surplus.
If the exchange rate falls, U.S. residents pay
a. more dollars for foreign bonds and get more dollars from interest payments. b. more dollars for foreign bonds but get fewer dollars from interest payments. c. fewer dollars for foreign bonds and also get fewer dollars from interest payments. d. fewer dollars for foreign bonds but get more dollars from interest payments.
Game theory is best applied to the analysis of:
A. oligopoly. B. monopoly. C. perfect competition. D. All of the statements associated with this question are correct.
Suppose the government purposely changes the economy's cyclically adjusted budget from a deficit of 3 percent of real GDP to a surplus of 1 percent of real GDP. The government is engaging in a(n):
A. expansionary fiscal policy. B. contractionary fiscal policy. C. neutral fiscal policy. D. high-interest-rate policy.