Fogel argued that railroads were more cost effective than canals because railroads were faster and were in service all year and that using rail instead of canals would ____
a. lower freight rates on the railroads
b. lower government subsidies for railroads
c. lower eastern inventories of grain in the
d. reduce the wheat being shipped to Europe
c. lower eastern inventories of grain in the East
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The figure above shows supply curves for soft drinks. Suppose the economy is at point a. A movement to point c could be the result of
A) a decrease in technology. B) a decrease in the relative price of a soft drink. C) an increase in the relative price of a soft drink. D) an increase in the money price of a soft drink.
When the price of a good rises, consumers buy a smaller quantity because of the ________ effect and the ________ effect
A) substitute; complement B) substitution; income C) normal; inferior D) supply; demand
How does a firm raise external funds through direct finance?
What will be an ideal response?
Answer the following statement(s) true (T) or false (F)
1. Social Security involves cash transfer payments. 2. The United States spends a higher portion of GDP on healthcare than any other industrialized nation. 3. The demand for healthcare has deceased over the past several decades. 4. The demand for healthcare is fairly inelastic. 5. Third-party payments act as an incentive for patients and physicians to minimize heath care costs.