Multiple Choice
Which of the following best describes the concept of opportunity cost in economics?
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1. Introduction to Macroeconomics
Introduction to Economics
Multiple Choice
If the USSR's economy had remained agriculture-based rather than industrialized, then which of the following outcomes would have been most likely?
A
The USSR would have experienced slower economic growth and less technological advancement.
B
The USSR would have developed a highly urbanized population with advanced infrastructure.
C
The USSR would have become a leading global exporter of manufactured goods.
D
The USSR would have achieved greater military power through agricultural innovation.
Verified step by step guidance1
Step 1: Understand the economic structure differences between agriculture-based and industrialized economies. Agriculture-based economies typically rely on farming and raw material production, while industrialized economies focus on manufacturing, technology, and infrastructure development.
Step 2: Recognize that industrialization generally leads to faster economic growth due to increased productivity, technological innovation, and urbanization, which are less prevalent in agriculture-based economies.
Step 3: Analyze the implications of an agriculture-based economy for the USSR, such as slower technological advancement because agriculture tends to have lower incentives and opportunities for innovation compared to industrial sectors.
Step 4: Consider the impact on urbanization and infrastructure. Industrialization promotes urban growth and infrastructure development, so an agriculture-based USSR would likely have less urbanization and less advanced infrastructure.
Step 5: Conclude that the most likely outcome of the USSR remaining agriculture-based would be slower economic growth and less technological advancement, rather than becoming a leading exporter of manufactured goods or achieving greater military power through agricultural innovation.
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