Compared to the Erie Canal, the primary disadvantage of Pennsylvania canals was
a. state government resistance to providing funds for canal building.
b. the steep, mountainous terrain of Pennsylvania.
c. a pre-existing network of railroads in Pennsylvania.
d. lack of adequate rainfall in Pennsylvania.
b. the steep, mountainous terrain of Pennsylvania.
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It is argued that the United States would be foolish to maintain a free-trade stance in a world in which all other countries exploit child or prisoner labor, or are protectionist
On the other hand, Ricardo's classic demonstration of the sources and effects of comparative advantage cogently demonstrates that regardless of other country policy, free trade remains the first best policy for a country to follow, since it will maximize its consumption possibilities (conditional upon other country policies). Explain. Discuss the contradiction with the argument in the preceding paragraph.
Suppose demand for a good is QD = 100 - P and supply is QS = -20 + P. What is the equilibrium quantity?
a. 20 b. 40 c. 60 d. 80