After Computing the Social Savings from the Railroads, Fogel Concluded

question 10

Multiple Choice

After computing the social savings from the railroads, Fogel concluded that ______.

• A) the railroads were indispensable to the economic development of the United States.
• B) the railroads were not indispensable in 1850 but by 1890 were dispensable.
• C) the railroads could explain only a small fraction of the growth in real income in the United States.
• D) economics is not sufficiently scientific to make a meaningful calculation of the social savings.

Describe the stereotypes about unions in the U.S. and how popular culture reinforces them.

Explain the process of establishing workplace rules and governance.

Identify the view of employment relationships that emphasize shared interests between employers and workers.

Understand how conflicts are conceptualized differently under unitarist and pluralistic views.

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Definitions:

Antitrust Laws

Laws designed to promote competition and prevent monopolies, thereby protecting consumers from unfair business practices and ensuring a variety of goods and services in the market.

Sherman Act

A foundational antitrust law in the United States that outlaws monopolistic practices and promotes competitive markets.

Clayton Act

A U.S. legislation enacted in 1914 aimed at promoting competition among businesses by prohibiting certain practices that would lead to antitrust issues.

Herfindahl Index

A measure of the concentration and competitiveness of an industry; calculated as the sum of the squared percentage market shares of the individual firms in the industry.