In 1862, the Homestead Act made land available to farmers at zero cost. Yet many farmers preferred to purchase land along the rail line from the railroad. The farmers
a. were duped by the railroads.
b. knew the soil was better near the railroads.
c. realized that crops would be less costly to grow and transport on land near the railroads.
d. were exploited by the railroads.
c
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Suppose the government increases unemployment benefits, which are paid for with higher taxes on earnings. If the marginal propensity to consume is the same for both the beneficiaries of the unemployment benefits and the workers paying taxes, _____. a. GDP will first increase and then fall. b. There will be no change in real GDP. c. Real GDP will increase substantially. d. Real GDP will fall
substantially. e. GDP will first fall and then increase.
As price falls, quantity demanded ___________.
Fill in the blank(s) with the appropriate word(s).