Which of the following was not used to subsidize railroad companies and their building of railroads?
a. Loans from the U.S. government
b. Reduced corporate income taxes
c. Land grants
d. Direct payments based on the number of miles of tracks laid
b. Reduced corporate income taxes
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Elaine’s firm is in a perfectly competitive industry. Why doesn’t Elaine try to sell more of her product by lowering its price below the market price?
a. Her demand curve is not elastic. b. Doing so would be considered unethical price chiseling. c. Her competitors would not allow it. d. She can sell all she wants at the market price.
The modern treatment of general equilibrium was pioneered by:
A. Kenneth Arrow and Gerard Debreu. B. Gerard Debreu and Leon Walras. C. Leon Walras and John Nash. D. John Nash and Kenneth Arrow.
If a nation experiences a rapid increase in the number of immigrants, which increases its aggregate supply:
a. Average price level and real GDP should remain constant until the immigrants become citizens. b. Average price level and real GDP should fall. c. Average price level and real GDP should rise. d. Average price level should fall, and real GDP should rise. e. Average price level should rise, and real GDP should fall.
United States’ economic activity is responsible for what percentage of worldwide shipping volume?
a. 20 percent b. 43 percent c. 28 percent d. 50 percent