The railroad expanded the size of our markets and therefore almost everything marketable, creating industries where none existed before. Joseph Schumpeter explained such an outcome as the result of
a. the upswing (or recovery) phase of a multi-investment cycle
b. the upswing (or recovery) phase of an internal cycle
c. the upswing (or recovery) phase of an innovation cycle
d. an entrepreneurial revolution in U.S. industry
e. the combination of immigration and capital deepening
C
Economics
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Money that has no intrinsic value and is created by a government decree is called
A) barter money. B) fiat money. C) commodity money. D) asset money.
Economics
Suppose American Bank has $500 in deposits and $200 in reserves and that the required reserve ratio is 10%. In this situation, American bank has
A. $50 in required reserves B. $50 in excess reserves C. $200 in required reserves
Economics