Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter10: Externalities
Section: Chapter Questions
Problem 10PA
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![Based on the information in this chart, what economic impact did construction
of the Erie Canal have?
ERIE CANAL: BEFORE AND AFTER ITS CONSTRUCTION
Characteristic
Before Construction of
the Erie Canal (1820)
Rochester: 1, 502 people
Buffalo: 2,112 people
After Construction of the
Erie Canal (1850)
Rochester: 36,403 people
Buffalo: 42, 261 people
Population
Cost to ship 1 ton of
goods from Buffalo to
NYC
$90 $125
$10
4 days
Average Travel Time
from Buffalo to NYC
Rank of New York City
as a Seaport
10-12 days
The fifth largest seaport in
the nation
The busiest seaport in the
nation
O It limited the number of immigrants entering the Country
O It led to the formation of national labor unions.
O It increased urbanization and reduced shipping costs.
It raised the cost of shinning manufactured goods to the West](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3869ab1b-befe-4c01-8331-3e23121c5fc6%2F88608ae4-14cb-4177-a4a8-b5daafdcb0b8%2Fxvytdt_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Based on the information in this chart, what economic impact did construction
of the Erie Canal have?
ERIE CANAL: BEFORE AND AFTER ITS CONSTRUCTION
Characteristic
Before Construction of
the Erie Canal (1820)
Rochester: 1, 502 people
Buffalo: 2,112 people
After Construction of the
Erie Canal (1850)
Rochester: 36,403 people
Buffalo: 42, 261 people
Population
Cost to ship 1 ton of
goods from Buffalo to
NYC
$90 $125
$10
4 days
Average Travel Time
from Buffalo to NYC
Rank of New York City
as a Seaport
10-12 days
The fifth largest seaport in
the nation
The busiest seaport in the
nation
O It limited the number of immigrants entering the Country
O It led to the formation of national labor unions.
O It increased urbanization and reduced shipping costs.
It raised the cost of shinning manufactured goods to the West
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