Modern work in economic history by people like Robert Fogel (1964) and Albert Fishlow (1965) shows
(a) that railroads were the indispensable key to rapid economic growth in the 19th century.
(b) that the levels of Gross National Product (GNP) reached in 1890 would have been reached
in 1880 had it not been for reckless railroad speculation.
(c) that less than 5% of the country's late 19th-century economic growth was attributable to railroads.
(d) none of the above.
(c)
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Refer to the above graphs. Pizza and beer are the only two goods Jon consumes. The price of beer is $2.00 per pitcher and pizza is $1.25 per slice. If Jon has only $10 to spend for the evening, which graph represents the set of possible combinations of beer and pizza he can consume?
A. Graph A B. Graph B C. Graph C D. Graph D
In long-run equilibrium for a perfectly competitive industry, firms earn ________ economic profits and produce ________.
A. positive; efficiently B. zero; inefficiently C. positive; inefficiently D. zero; efficiently