Which statement best describes the railroad?
(a) It is a good example of "technology transfer" (from England to the U.S.)—the first operating railroad was in England.
(b) It is an American home product—the first operating railroad was in the U.S.
(c) It was invented in England but first put into operation in the U.S.
(d) It was invented in the U.S. but first put into operation in England.
(a)
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A market supply curve is determined by
a. vertically summing individual supply curves. b. horizontally summing individual supply curves. c. finding the average quantity supplied by sellers at each possible price. d. finding the average price at which sellers are willing and able to sell a particular quantity of the good.
When producers are hopeful about the economic business outlook, they often
A. decrease their inventory levels. B. decrease their purchase of new goods. C. increase their investment in capital goods. D. increase their investment in savings.