Prior to and during the period of American colonization, the following occurred in Europe:
(a) Feudal rulers found it easy to force peasants and urban producers to work for them as long-distance trade expanded, the costs of warfare increased, and the land/labor ratio increased as consequence of the bubonic plague.
(b) Feudal lords shared profits from output with the peasantry and pumped them into investment expenditures, which accelerated agricultural growth.
(c) Conflict among lords and peasants led to many peasant and urban revolts, diverting resources away from production and investment.
(d) Financial stability enabled the nobility of Europe to foster growth among feudal lands
and increase the riches of both rulers and peasants, producing a period of high
economic growth.
(c)
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Premiums based on experience ratings
a. are uniform across age groups. b. are based on the loss experience of the insured. c. vary depending on the income of the insured. d. are illegal in most states in the U.S. e. are only used in property-casualty insurance underwriting.
In an equilibrium in otherwise identical markets, producer surplus is higher for a monopolist than for a competitive firm
Indicate whether the statement is true or false
If the demand for a good is perfectly inelastic, what will happen to the quantity demanded if there is a tiny increase in price?
a. quantity demanded will increase proportionately b. quantity demanded will fall to zero c. quantity demanded will decrease proportionately d. quantity demanded will remain the same
In 2008, net exports in the U.S. were
a. $1,831 billion. b. -$2,539 billion. c. -$900 billion. d. -$1,500 billion. e. -$708 billion.