Author Question: Modern work in economic history by people like Robert Fogel (1964) and Albert Fishlow (1965) shows ... (Read 66 times)

melly21297 · **on:** Jun 30, 2018

Modern work in economic history by people like Robert Fogel (1964) and Albert Fishlow (1965) shows

(a) that railroads were the indispensable key to rapid economic growth in the 19th century.
(b) that the levels of Gross National Product (GNP) reached in 1890 would have been reached
in 1880 had it not been for reckless railroad speculation.
(c) that less than 5 of the country's late 19th-century economic growth was attributable to railroads.
(d) none of the above.

Question 2

The premium on a college education increases when

(a) the market demand for knowledge and skilled workers decreases, and all else is held constant.
(b) the market supply of knowledge and skilled workers increases, and all else is held constant.
(c) the growth in the demand for knowledge and skilled workers outpaces the growth in supply.
(d) the growth in the supply of knowledge and skilled workers outpaces the growth in demand.