In a Work Published in 1751, This American Established the Terminology

question 56

Multiple Choice

In a work published in 1751, this American established the terminology and basic theory of electricity:

• A) Benjamin Franklin.
• B) John Adams.
• C) Jonathan Edwards.
• D) William Bartram.

Calculate total variable and total costs based on average costs.

Recognize economies and diseconomies of scale in production.

Distinguish between explicit and implicit costs, including economic and accounting profits.

Identify the least cost plant size for a given range of output.

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Definitions:

Demographic Transition Theory

A concept explaining how a nation moves from having high birth and death figures to low ones as it progresses from a pre-industrial to an industrial economic system.

Preindustrial

pertains to the period or society before the widespread adoption of industrialization, characterized by agrarian economies and limited technological advancement.

Uncontrollable Disease

A disease that cannot be effectively managed or restrained through medical intervention or lifestyle changes.

Replacement Level

The replacement level is the number of children that each woman must have on average for population size to remain stable. Ignoring any inflow of population from other countries and any outflow to other countries, the replacement level is 2.1.