Which of the Following Was the Result of the Rapid

question 50

Multiple Choice

Which of the following was the result of the rapid industrial development of the United States between 1860 and 1900?

• A) increased demand for and the importance of skilled artisans.
• B) an economy dominated by enormous corporations.
• C) the near extinction of small, specialized companies.
• D) reduced use of women and child laborers in mines and mills.
• E) marginalization of the richest 5% of the American population.

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Definitions:

Absolute Advantage

The ability of an individual, firm, or country to produce more of a good or service than competitors, using the same amount of resources.

Hamburgers

A type of food consisting of a cooked patty of ground meat, typically beef, placed inside a sliced bread roll or bun.

Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than others.

Opportunity Cost

The value of the best alternative foregone as a result of making a decision, a fundamental concept in economics that emphasizes the cost of trade-offs.