Which One of the Following Did Not Lead the Way

question 77

Multiple Choice

Which one of the following did not lead the way to new industrial frontiers during the Second Industrial Revolution?

• A) steel
• B) petroleum
• C) electricity
• D) chemicals
• E) textiles

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Definitions:

Production Possibilities Curve

A graphical representation that shows the maximum quantity of one good that can be produced for every possible level of production of another good, assuming a fixed amount of resources.

Opportunity Costs

The cost of forgoing the next best alternative when making a decision or choosing between options.

Production Possibilities Frontier (PPF)

A curve depicting the maximum output possibilities for two goods, given a set of inputs and technology, illustrating the trade-offs in production choices.

Legal Reform

The process of examining existing laws and making modifications or amendments to improve justice or efficiency.