Which of the following is true?
A. The completion of the transcontinental railroad system in the 1880s eventually made the United States the world's first mass market.
B. Southern manufacturers were hurt by the high protective tariffs of the 19th century that kept out cheaper British manufactured goods.
C. Agricultural inventions such as John Deere's steel plows greatly improved farm productivity.
D. All of the choices are true.
D. All of the choices are true.
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The table above gives the marginal social cost (which equals the price), marginal private benefit, and marginal social benefit of students attending Diablo Valley College (DVC) in Concord, California
a. When 4,500 students attend DVC, what does the marginal external benefit equal? b. If the market is competitive and left without government intervention, what is the quantity of students that will attend DVC and what will be the price of a course? c. What is the efficient quantity of students attending DVC? d. If the government can set the price per course, in order to have the efficient quantity of students attending DVC, what should the government set as the price?
Economic rent is paid
A. only to landlords. B. to resources which would be made available for lower payments. C. illegally. D. only in socialist economies.
Figure 6-1
illustrates the four possibilities of the distribution of costs and benefits among voters for a government project. Programs that give subsidies to a small group of producers at general taxpayer expense would be considered
a.
type A projects, and the government would be likely to undertake these projects if they were efficient and to reject them if they were inefficient.
b.
type B projects, and the government would be likely to undertake many of these projects even when they were counterproductive (inefficient).
c.
type C projects, and the government would be likely to fail to undertake many of these projects even when they were productive (efficient).
d.
type D projects, and the government would be likely to undertake these projects if they were efficient and to reject them if they were inefficient.
A monopolistically competitive market is described as one in which there are
A) a few firms producing an identical product. B) a large number of firms selling similar, but not identical, products. C) a few firms producing differentiated products. D) one large firm and many small firms producing identical products.