Refer to Figure 18.1. The opportunity cost of bicycles in the United States is
A) 1/3 of a hang glider. B) 1/2 of a hang glider.
C) 3 hang gliders. D) 4 hang gliders.
C
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The cost incurred from the production of an additional unit of a product
A) is called a loss. B) is called opportunity cost. C) must be zero for a firm to be efficient. D) is a marginal cost to the firm.
The invention of the Bessemer converter in 1856:
a. increased the cost of continuous and coordinated operations of a steel industry. b. motivated downstream integration of the steel industry into coal mining. c. increased the efficient scale of steel production. d. increased volumetric interdependence between different stages of steel production.
The difference between gross and net investment is referred to as:
a. a personal tax. b. the income earned but not received. c. a capital consumption allowance. d. an indirect business tax. e. a statistical discrepancy.
Which of the following factors contributes most to the high per-capita incomes in developed nations?
A. High rates of population growth B. High rates of economic growth C. Low rates of investment D. Low rates of saving