According to the law of increasing opportunity costs,
A. The more one is willing to pay for resources; the smaller will be the possible level of production.
B. In order to produce additional units of a particular good, it is necessary for society to sacrifice increasingly larger amounts of alternative goods.
C. Increasing the production of a particular good will cause the price of the good to remain constant.
D. None of the choices are correct.
Answer: B
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If the consumer price index in 2007 is 25 times that of 1860, and a slave cost $2,000 in 1860, how much is that in terms of 2007 dollars?
a. $12,500 b. $25,000 c. $50,000 d. $75,000 e. $750,000