Author Question: The U.S. used high-pressure steam engines, whereas the British favored low-pressure engines. The ... (Read 83 times)

V@ndy87 · **on:** Jun 30, 2018

The U.S. used high-pressure steam engines, whereas the British favored low-pressure engines. The reason for the American preference for high-pressure steam engines was that

(a) low-pressure steam engines, though more efficient, were complicated to build and operate and America lacked skilled labor compared to England.
(b) the high-pressure steam engines used extravagant amounts of wood fuel. The U.S. abundance
of wood compared to Europe made building high-pressure steam engines cheaper in the U.S.
(c) Americans simply lagged behind technologically compared to England and continued to use the outdated high-pressure steam engines.
(d) England had patents on the superior low-pressure steam engine and would not allow other nations to use the technology.

Question 2

Monetarists are in favor of

a. inflation targeting.
b. interest rate targeting.
c. output targeting.
d. nominal income targeting.
e. money growth targeting.