The completion of the American national railroad network in the second half of the 19th century led to all of the following except
A. that it enabled manufacturers to sell their products all over the country.
B. mass consumption.
C. increased prices of goods sold which led to more investment and more jobs.
D. higher wages.
C. increased prices of goods sold which led to more investment and more jobs.
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A central theme of the new growth theory is that
A) firms don't really experience profit. B) humans can work harder than previously thought. C) the government is more efficient than private markets. D) the economy doesn't experience diminishing returns. E) firms don't experience diminishing returns.
If there is increasing opportunity cost, then when moving downward on a production possibilities frontier, the opportunity cost of the good on the horizontal axis ________ as more of the good is produced
A) increases and the PPF gets steeper B) increases and the PPF gets flatter C) decreases and the PPF gets steeper D) decreases and the PPF gets flatter E) does not change and the PPF gets steeper
Any dominant equilibrium implies:
a. a sequential game b. instability c. a price-taking equilibrium d. a Nash equilibrium
The market produces too much of a good with ______.
a. adverse selection b. negative externalities c. positive externalities d. asymmetric information