According to Walton and Rockoff, the primary reason for the demise of the canal system was
a. excessive reliance on individual entrepreneurs so that a system of canals was never created.
b. excessive government regulation that kept canal rates and profits too low.
c. environmental damage from deforestation that left canals flooded at some times and dry at others.
d. competition from the railroads.
d. competition from the railroads.
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An important effect of fractional reserve banking is that bankers have
a. little control over total reserves. b. total control over the amount of lending in the economy. c. no control over the amount of reserves in the banking system. d. some discretion over the money supply.
Economic theory suggests that the standard of living of American workers would rise if
a. the minimum wage were doubled. b. automation were outlawed. c. workers were forced to retire earlier. d. technological improvements increased output per worker-hour.
To fund its expenditures after the Great Recession, the U.S. government:
a. Borrowed in private capital markets. b. Borrowed in the federal funds market. c.Created money to finance its spending needs. d. All of the above.
Games with a negative-negative outcome:
A. must have a noncooperative equilibrium. B. result from players acting in their own self-interest. C. are not necessarily the best outcome for the players involved. D. All of these statements are true.