What Was the Significance of Robert Fulton

question 27

Multiple Choice

What was the significance of Robert Fulton?

• A) He was responsible for the construction of the Erie Canal.
• B) His work in designing steamboats made upstream commerce possible.
• C) His innovations led to the revolution in turnpike construction in the early nineteenth century.
• D) As mayor of New York City, he worked to make that city a commercial center.

---

Definitions:

Paradox Of Voting

The situation where individual rational actors have little incentive to vote, considering their single vote is unlikely to change the outcome, yet voting occurs on a large scale.

Paradox Of Voting

The scenario where the cost of voting exceeds the expected benefits, leading to the rational abstention by individuals, despite collectively affecting the outcome.

Median-Voter Model

A theory in political science suggesting that the outcome of a majority-vote election is most likely to align with the preferences of the median voter.

Coase Theorem

The idea, first stated by economist Ronald Coase, that some externalities can be resolved through private negotiations among the affected parties.