The Erie Canal provided the first reliable and relatively quick east-west link in markets. This link, consequently,
(a) increased profit margins and expanded markets for agriculturalists.
(b) increased consumer prices in all markets.
(c) increased transportation costs.
(d) hindered trade and the accumulation of wealth.
(a)
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Currently, the United States has a quota on the amount of sugar that is allowed to be imported into the United States. What would happen to the price of sugar in the United States if the quota was removed? What would happen to U.S. consumption and U
S. production of sugar?
Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher