Fogel (1964)came Up with Two Estimates of Social Savings

question 17

Multiple Choice

Fogel (1964) came up with two estimates of social savings (? and ?) .What do they represent?

• A) The level of industrial productivity using railroads and the level not using railroads
• B) The lowered benefit of transport for agricultural goods using railroads and the lowered benefit of transport for all goods and passengers using railroads
• C) The lower output of the U.S. economy using transportation financed through domestic capital and foreign capital
• D) The cost of shipping goods by railroads and the cost of shipping by waterways and wagon transport

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Definitions:

Solvent

The state of being able to meet all financial obligations as they come due.

Surety

A form of security or guarantee where a third party agrees to be responsible for the debt, default, or failure of another to fulfill an obligation.

Subject To

Conditional upon or dependent on something else; can indicate subjection to legal restrictions or conditions.

Personally Liable

Refers to the responsibility of an individual to cover debts or legal judgments out of their own assets.