The total factor productivity of railroads increased dramatically in the antebellum period. All of the following factors are responsible for the increase in productivity except:
a. standardization of the gauge of railroad tracks.
b. the introduction of refrigerated railroad cars.
c. increased size of railroad cars.
d. increased use of existing capital.
Question 2
Which of the following quotations, according to chapter 23, best summarizes Keynes conclusions about the lessons of the depression for the nature of capitalism?
a. It is in determining the volume, not the direction, of actual employment that the existing system has broken down..
b. An economic system that forgets to find work for millions of men and women, cannot be trusted to perform any task in an intelligent fashion..
c. The depression is essentially a problem of reliance on a private banking system for the provision of an inherently public good, money..
d. The rules of sound finance, namely stable prices and balanced budgets, apply as much to the present crisis, as they do in more pleasant times..
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