According to the text, what is not a pre-condition for factory production and industrialization?
a. Standardized parts
b. Sufficient power and energy
c. Continuous process production
d. A sufficiently centralized administrative structure
d. A sufficiently centralized administrative structure
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Horatio can produce either a combination of 15 bird houses and 25 wind chimes or a combination of 30 bird houses and 15 wind chimes
If he now produces 30 bird houses and 15 wind chimes, what is the opportunity cost of producing an additional 10 wind chimes? A) 2 bird houses B) 15 bird houses C) 30 bird houses D) 45 bird houses
The report of the 1911 National Monetary Commission
(a) advocated a turn to bimetallism. (b) advocated unification of the state and national banking systems. (c) advocated centralized reserve associations which would coordinate commercial banking processes such as check clearing. (d) advocated a unified central bank modeled after the Bank of England.
Assuming that labor is the only variable input with a fixed production facility, explain the relationship between the marginal product of labor and the marginal production cost.
What will be an ideal response?
The marginal tax rate shows
A. the deductions which are permitted for child care and medical expenses. B. the extra tax due on an extra dollar of income. C. the percentage of income which a typical family pays in tax. D. the average rate of taxation in the economy.