The greatest advantage of the railroad over earlier forms of transportation was its speed and its ability to stay open throughout most of the winter. Robert Fogel attempted to measure the advantage of faster all-weather transport by examining:
a. profits in transportation industries as a group.
b. profits in railroads compared with canals.
c. employment of labor and capital in the transportation sector before and after the railroad.
d. inventories of agricultural products held in eastern markets.
d. inventories of agricultural products held in eastern markets.
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Explain why a London Eurobank has a competitive advantage over a bank in New York in attracting dollar deposits
What will be an ideal response?
Under classical theory, wages and prices are assumed to be relatively flexible both upward and downward. Hence, the short-run aggregate supply curve returns relatively quickly to a position of long-run equilibrium
a. True b. False Indicate whether the statement is true or false
In the market for labor:
A. there is never disequilibrium. B. firms create the supply. C. the price in the market is the interest rate. D. individuals are the sellers of the good.
The sale of a used automobile would not be included in the GDP for the current year because it is a:
A. nonmarket transaction. B. public transfer payment. C. noninvestment transaction. D. nonproduction transaction.