An increasing-cost industry is associated with:
A. a perfectly elastic long-run supply curve.
B. an upsloping long-run supply curve.
C. a perfectly inelastic long-run supply curve.
D. an upsloping long-run demand curve.
Answer: B
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The Gallatin Plan (1808)
(a) was a plan by the U.S. Senate for a comprehensive system of internal land and water transport in the eastern part of the country to be built by the federal government. (b) was promoted on the basis that only the federal government could command sufficient resources to build a transportation system. (c) was partially implemented but not completed by the federal government because of concerns about the constitutionality of such federal action. (d) was characterized by all of the above.
The populations of the LDCs are growing
A. at about 5 percent per year. B. at about the same rate as those of the industrially advanced nations. C. slower than those of the industrially advanced nations. D. faster than those of the industrially advanced nations.