Refer to the scenario above. If they are the only bidders in the auction, Bill will continue to bid as long as bidding is below ________

Explain why when Norway unilaterally fixes its exchange rate against the euro but leaves the krone free to float against the non-euro currencies, it is unable to keep at least some monetary independence

What will be an ideal response?

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