Which of the following antebellum transportation innovations was financed primarily by government funds?
a. the Erie Canal
b. the New Orleans steamboat
c. the Lancaster Turnpike
d. the Ann McKim clipper ship
a. The Erie Canal
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Is there a first-mover advantage in the Bertrand duopoly model with homogenous products?
A) Yes, first-movers always hold the advantage over other firms. B) Yes, first-movers may have an advantage, but it depends on the model assumptions. C) No, first-movers cannot choose a profit maximizing quantity because the second-mover can always produce a bit less and earn higher profits. D) No, the second-mover would be able to set a slightly lower price and capture the full market share.
Which of the following is not an example of an externality?
a. Drunk drivers raise everyone's auto insurance premiums. b. The price of lumber increases as lumberjacks' wages increase. c. The neighbor's beautiful front yard increases your home value. d. Someone drives a car that emits thick black smoke. e. People who live near a bakery enjoy the smell of baked bread.
Which of the following is most likely to help the residents of a nation produce more goods and services and achieve higher income levels?
a. Higher tax rates. b. A higher rate of investment. c. A smaller trade sector. d. Greater use of taxation to transfer income from the rich to the poor.
Market prices
A) are limited in their information content. B) contain all available information. C) contain only past information. D) none of these choices.