After computing the social savings from the railroads, Fogel concluded that ______
a. the railroads were indispensable to the economic development of the United States
b. the railroads were not indispensable in 1850 but by 1890 were dispensable
c. the railroads could explain only a small fraction of the growth in real income in the United States
d. economics is not sufficiently scientific to make a meaningful calculation of the social savings
c. the railroads could explain only a small fraction of the growth in real income in the United States.
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After initial success, the OPEC cartel saw the price of oil and the revenues of its members decline due, in part, to
a. the low elasticity of demand for oil in the short run. b. the large number of buyers from each member nation. c. surging demand for oil in the early 1980s. d. OPEC members failing to produce their agreed-upon production levels.
A potato farmer who signs a futures contract is
A) speculating on the future price of potatoes, hoping it will be higher. B) speculating on the future price of potatoes, hoping it will be lower. C) eliminating his exposure to risk from a falling potato price. D) trying to influence the price of potatoes to rise.