According to Joseph Schumpeter, many Midwestern railroads:
a. were built too late and thus faced heavy competition from trucks.
b. were built ahead of demand.
c. were unnecessary because they followed routes already adequately served by other means of transportation.
d. would have been built more quickly in the absence of government aid.
b. were built ahead of demand.
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When people make deposits of currency into a bank, the quantity of M1
A) changes only if the deposit is an open market operation. B) immediately decreases by the amount of the deposit. C) immediately increases by the amount of the deposit. D) does not immediately change. E) immediately changes but whether it increases or decreases depends on whether the bank had excess reserves or did not have excess reserves.
According to liquidity preference theory, if the price level
a. fell, the interest rate would rise, and induce investment spending to rise. b. fell, the interest rate would fall, and induce investment spending to fall. c. rose, the interest rate would rise, and induce investment spending to fall. d. rose, the interest rate would fall, and induce investment spending to rise.