The reason why the Industrial Revolution originated in Britain can be partly attributed to its:
A) command economy. B) well-developed market system.
C) opposition to creative destruction. D) extractive institutions.
B
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Use the following table to answer the next question. Year123456Price Index10095105125125120If output increases by 8% from year 5 to year 6, then in that period ________.
A. real GDP will rise faster than nominal GDP B. real GDP will decrease C. real GDP will rise slower than nominal GDP D. nominal GDP will decrease
The table above shows three production methods to produce 100 automobiles per day. Which of the three methods is technologically efficient?
A) Method A only B) Method B only C) Method C only D) Method A, B and C are all technologically efficient.
An implicit cost is
A) a nonmonetary opportunity cost. B) a cost that involves spending money. C) a cost unique to sole proprietorships. D) a cost unique to corporations.
The opportunity cost of holding money is
a. the dollar cost necessary to change other assets into money b. the time cost of accessing funds c. the value of the goods and services a person is able to obtain with the money d. the interest a person could have earned by holding other forms of wealth instead e. zero, because opportunity costs only apply to real assets, goods and services