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Bogdan [553]
3 years ago
8

According to the Crash Course video on the Industrial Economy, in which of the following ways did the US Civil War spur rapid in

dustrialization of the country?
A. Forced introduction of a national currency.
B. Provided federal contracts to arms and clothing manufacturers.
C. Improved infrastructure particularly in the form of the transcontinental railroad and telegraph systems.
D. Led to the invention of the Bessemer process of steel production.
E. Introduced flight.
Business
1 answer:
andrey2020 [161]3 years ago
8 0

Answer:

A. Forced introduction of a national currency.

B. Provided federal contracts to arms and clothing manufacturers.

C. Improved infrastructure particularly in the form of the transcontinental railroad and telegraph systems.

Explanation:

The Civil War was a war between the then Northern States who comprised the Union and the then Southern States who comprised ti Confederacy in an attempt to get the Confederacy to rejoin the United States of America.

The war had many casualties but some good was done to the economy in terms of the following;

  • There was a forced introduction of a national currency known as the Greenbacks after Congress passed the Legal Tender Act of 1862.
  • The Federal Government increased spending in the economy by providing federal contracts to arms and clothing manufacturers to aid the troops.
  • Improved infrastructure to enable information get to soldiers faster as well as to move soldiers faster especially in the areas of telegraph development and the construction of the transcontinental railroad.
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Assume that a pure monopolist and a purely competitive firm have the same unit costs. In this case, determine what is true with
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Answer:

a. 1, 5 and 7

b. Resources will be allocated inefficiently

c. Differing sizes and capacities

d. Benefits due to economies of scale

e. Reduce prices and improve resource allocation.

Explanation:

The correct combination is 1, 5 and 7. The price of a pure monopoly firm is much higher than that of purely competitive firm because the later is a price taker while the former is a price fixer. Because of this, output of monopoly is lower while the profit margin is higher than that of competitive firm.

Assuming that a pure monopolist and a purely competitive firm have the same unit costs. In the case of a pure monopolist, resources will be allocated inefficiently because the monopolist does not produce at the point of minimum Average Total Cost and does not equate price and Marginal cost.

Even though both monopolists and competitive firms follow the MC = MR rule in maximizing profits, there are differences in the economic outcomes because pure competitors lack capacity and are smaller in size while the monopolist has the capacity to expand inorder to maximize profits.

The costs of a purely competitive firm and a monopoly may be different because the monopolist is capable of taking advantage of cost reduction arising from economics of scale. Pure competitors does not experience economies of scale due to their small sizes.

If a monopoly can experience economies of scale, it can reduce prices beyond that of the pure competitor thereby ensuring a more efficient resource allocation.

5 0
3 years ago
What should you do when you are in a state of ambiguity with distinct possible outcomes?
svetlana [45]

Distinct possibilities, where there are two, three, or maybe four potential future alternatives, represent the second state of ambiguity. And you may make a contingency plan depending on which of those four possibilities might occur in a circumstance where there are distinct possibilities.

How do you make decisions in ambiguous situations?

Embrace a variety of viewpoints. Include intellectuals who hold opinions that differ from your own. You'll gain an understanding of the decision's potential outcomes, what other factors need to be taken into account, and what crucial information is lacking. Decentralize decision-making to the individuals who are most familiar with the "issue."

What is a good contingency plan?

Any circumstance that might interfere with operations should be covered in a comprehensive contingency plan. To include in the plan, take into account the following areas: storms, fires, and earthquakes are examples of natural catastrophes. crises including endangerment to staff or clients, injuries sustained on the job, and mishaps at the workplace.

Learn about contingency plan: brainly.com/question/939242

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1 year ago
The marginal product of any input is thea. increase in total cost associated with a one-unit increase in production.b. change in
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D) increase in total output obtained from one additional unit of that input.

Explanation:

Marginal product (or marginal physical product) is the change in total output obtained by adding one additional unit of input. Generally the marginal product is measured for additional labor units, but it can also be measured for additional units of materials or components, and overhead.

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3 years ago
Suppose the government is considering an increase in the toll on a certain stretch of highway from $.40 to $.50. At present, 50,
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Answer:

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Suppose the government increase in toll on a certain stretch of highways by this caused a dead-weight loss occur and then resulting full in the number of cars using the highway.

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Dead-weight loss = 0.5 * 0.10 * 5000

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The increase paid by other remaining drivers (0.50-0.40)(40,000) can be viewed as transfer from drivers to the government.

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Answer:

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As the name suggests the closed system refers to a system in which the company is operating at their own without any influence to be done from the outside world

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Management science perspective refers to a solving a problem and take the decisions that are beneficial for an organization

Therefore these two should be considered as a closed system

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