The South's transportation problem was primarily due to
a. a shortage of mules and horses.
b. a limited rail network.
c. a shortage of inland shipping.
d. the lack of a merchant marine.
a. a shortage of mules and horses.
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Which of the following is true for a pure monopolist?
a. The firm has a perfectly elastic demand curve. b. The firm will always earn an economic profit. c. The demand curve is above the marginal revenue curve. d. None of these is true.
Monetary policy primarily influences the economy through changes in:
A. the interest rate. B. spending by government. C. spending by the Fed. D. the discount rate.
"Smokers are more likely to be murdered than nonsmokers." This statement is an example of:
A) the fallacy of unintended consequences. B) a positive economic statement. C) a normative economic statement. D) a value judgment.
Refer to the diagram. Arrows (3) and (4) represent:
A. goods and services respectively.
B. incomes and consumer expenditures respectively.
C. resources and goods respectively.
D. consumer expenditures and income respectively.