In considering the financial history of the transcontinental railroads, the text argues that:
a. there was surprisingly little corruption given the corruption in other walks of life at the time.
b. there was surprisingly little corruption, mostly involving the buying off of federal regulators when rate controls became unreasonable.
c. there was a great deal of corruption, mostly in the form of
high fees chargedimmigrants for what was really free federal land.
d. there was a great deal of corruption, mostly because construction companies were run by insiders.
d. there was a great deal of corruption, mostly because construction companies were run by insiders.
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What will be an ideal response?
The diminishing slope of the per-worker production function reflects the law of diminishing marginal returns
a. True b. False Indicate whether the statement is true or false
Which of the following is most likely to increase long-run aggregate supply in an economy?
a. A decrease in the size of the labor force b. A deterioration in the quality of the labor force c. A reduction in the cost of using computers d. An increase in the price level e. An increase in aggregate demand
Is the monopolist supply decision more complicated than that of competitive supply?
A. Yes, because the monopolist can choose its price, and the perfect competitor cannot. B. No, because they are both price takers. C. No, because the market determines the quantity for the monopolist. D. No, because the market determines the price for both firms.