Compared to the Erie Canal, the primary disadvantage of Pennsylvania canals was
a. state government resistance to providing funds for canal building.
b. the steep, mountainous terrain of Pennsylvania.
c. a pre-existing network of railroads in Pennsylvania.
d. lack of adequate rainfall in Pennsylvania.
b. the steep, mountainous terrain of Pennsylvania.
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A large open economy's real interest rate will decrease if
A) the expected future marginal product of domestic capital rises. B) the expected future marginal product of foreign capital rises. C) there is a temporary positive domestic supply shock. D) there is a temporary negative domestic supply shock.
Gross domestic product includes
a. all intermediate and final goods and services produced. b. the current production of final goods and services with a country's borders. c. exchanges of assets. d. the current production of final goods and services by a country's citizens. e. All of the above
Entry of new firms in monopolistically competitive industries can convey a positive externality on consumers because new products result in more consumer surplus. This externality is called the
The law of diminishing returns helps to explain why:
A.) Marginal cost increases, in the short run, as more output is produced. B.) The demand curve for a competitive firm is perfectly elastic. C.) The total cost curve diminishes as long as output increases. D.) Marginal cost decreases as more output is produced.