The First Transcontinental Railroad Was Completed by the Construction Efforts

question 62

Multiple Choice

The first transcontinental railroad was completed by the construction efforts of the ____ and ____ railroads.

• A) Union Pacific
• B) Northern Pacific
• C) Central Pacific
• D) Southern Pacific
• E) Atchison, Topeka, and Santa Fe

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Definitions:

Capital

Economic resources that are used in the production of goods and services, including buildings, machinery, equipment, and financial assets.

User Cost

The cost of using a durable good over time, considering depreciation and the opportunity cost of not investing funds elsewhere.

Economic Depreciation

A measure of the decrease in value of an asset over time due to use, wear and tear, and obsolescence.

Marginal Product

The increase in output that arises from an additional unit of input, holding all other inputs constant.