Robert Fogel (1964) demonstrates that
(a) the social saving of the railroad was large; much of the country (over 25%) could not have
been settled and cultivated without the railroad.
(b) the canal and river systems of transportation could very nearly have produced the same
results as the railroad in terms of land cultivated.
(c) the railroad was responsible for a great "take-off" in terms of economic growth in the
19th century.
(d) the railroad gave a huge boost to the iron industry because for a time it consumed well
over 50% of all iron produced.
(b)
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Which of the following best describes real-world U.S. markets?
a. In most markets, the firms face steep demand curves for their output. b. They combine characteristics of monopolistic competition, oligopoly, and monopoly. c. Effective competition exists in only about 25 percent of those markets. d. The dominant share of U.S. manufacturing output is produced by firms with the power to vary their prices over a wide range. e. Perfect competition is useful as a model for very few U.S. markets.
Milton Friedman argued that there
A) are two Phillips curves, a short-run one and a long-run one. B) are three Phillips curves, a short-run one, a long-run one, and one in stagflation. C) is one Phillips curve, and it is vertical. D) is one Phillips curve, and it is nearly flat or horizontal.