Historians are in general agreement that
(a) railroads opened the country and were built at great risk ahead of demand, gambling on the future.
(b) railroads sharply cut down transportation costs, linking the country together in all directions
and spurring the nation's growth far in advance of anything that might otherwise have been achieved.
(c) railroads were the single innovation of the 19th century that created a great leap forward
in terms of American economic growth.
(d) none of the above are true.
(d)
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According to an Asian Development Bank report in 2007, China's Gini coefficient, a statistical measure of wealth distribution in society, soared to 47.3 in 2004 from 40.7 in 1993, putting the country at a level more typical of Latin America
China experienced ________. A) a decrease in income inequality B) an increase in income inequality C) a decrease in income D) an increase in income
A competitive employer is using labor in such an amount that labor's MRP is $10 and its wage rate is $8. This firm
A. should hire more labor because this will increase profits. B. is currently hiring the profit-maximizing amount of labor. C. should hire more labor, although this may either increase or decrease profits. D. is selling its product in an imperfectly competitive market.