Changing conditions in transportation during the years following the Civil War (1861–1865) provided an economic explanation for which of the following?
(a) Railroad amalgamation
(b) A well founded fear of monopolies by agriculturalists
(c) Large government funding budgets for railroads
(d) All of the above
(a)
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For a given amount of nominal income, the real income will
A. rise as the price level rises. B. fall if the price level falls. C. fall if the price level rises. D. be unaffected if the price level falls.
What is the difference between a four-firm concentration ratio and a Herfindahl-Hirschman Index?
What will be an ideal response?
Suppose firms in a perfectly competitive market are incurring an economic loss. Over time
A) other firms enter the market, so the price rises and the economic loss decreases. B) some firms leave the market, so the price rises and the economic loss decreases. C) other firms enter the market, so the price falls and the economic loss decreases. D) some firms leave the market, so the price falls and the economic loss decreases.
State and local governments subsidize college students with grants and low-interest loans. The loans and subsidies are examples of
A) emission allowances. B) Coase subsidies. C) Pigovian subsidies. D) positive externalities.