The Western railroads had been granted vast amounts of land by the government. Consequently, they
(a) Held on to it tightly.
(b) Produced a competitive market with homesteading.
(c) Wanted to profit only from providing railroad services.
(d) Hindered economic development by restricting new farms in the West.
(b)
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Which of the following has tended to increase the competitiveness of markets in the United States during the last couple of decades?
a. increases in transport costs b. development of the Internet c. decreased competition from imports d. more government regulation of product quality
The two tendencies of a firm in a cartel are the incentive to:
A. cheat to maximize joint profits and the incentive to raise prices. B. cheat and avoid collusion and the incentive to raise price to maximize the firm's share of profits. C. increase output in order to minimize per-unit cost and the incentive to reduce price in order to maximize joint profit. D. cooperate to maximize joint profits and to cheat on the agreement in order to increase the firm's share of the profit.
For a household, the opportunity cost of not working is the
A) price level. B) nominal wage rate. C) demand for labor. D) cost of living. E) real wage rate.
As interest rates rise, the ____________ curve shifts _____________ resulting in a(n) _________________ in the price level and a(n) ________________ in Real GDP
A) AD; leftward; decrease; decrease B) AD; rightward; increase; increase C) SRAS; rightward; decrease; increase D) SRAS; leftward; increase; decrease