By World War I,record Players Were Commonplace and the Recording

question 15

Multiple Choice

By World War I,record players were commonplace and the recording industry enjoyed a boom period that lasted until:

• A)radio gained popularity
• B)the Jazz Age
• C)the Great Depression
• D)World War II
• E)the mid 1960s

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Definitions:

Opportunity Costs

The expense incurred from not selecting the next most favorable choice when a decision is taken or preferring one alternative over another.

Efficient

The characteristic of a resource allocation that maximizes the total surplus received by all members of society.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, technology, etc.), assuming efficient use of resources.

Technological Advance

The introduction and application of new technologies and methods that improve productivity and efficiency.