Critics of Douglass North's "market opportunity response" model suggest that surges in land sales in the Old Northwest in the 1810s, 1830s and 1850s were due to
a. improved transportation between the Old Northwest and the Northeast.
b. rising prices for hogs.
c. a reduction of British interference.
d. pervasive land speculation.
d. pervasive land speculation.
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Refer to Table 4-3. The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the price of cowboy hats decreases from $38 to $30
A) consumer surplus will rise by $6. B) the marginal cost of producing the third cowboy hat will fall to $30. C) producer surplus will rise from $8 to $24. D) producer surplus will fall from $22 to $6.
The "invisible hand" using Adam Smith's terminology refers to
a. government control of the market. b. market forces working through the price mechanism. c. the money supply that serves to keep the economy working smoothly. d. the role of innovation in maintaining a steady rate of growth. e. "behind-the-scenes" policy making to influence how markets allocate scarce resources.
Juanita is preparing to study for her economics final exam. She tells her friend that she will be happy if she just gets a B, even though she could likely earn an A if she studied harder. Juanita is what Herbert Simon would call a
a. rational maximizer. b. satisficer. c. homo economicus. d. screener.
A public museum is an example of a
A. public good. B. good which generates a negative externality. C. government-sponsored good. D. good which generates a positive externality.