By the 18th century, the bulk of world output was produced in:
a. Asia
b. Africa
c. Europe
d. The Asian offshoots
e. none of the above
C
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The use of money is more efficient than barter because the introduction of money
A) reduces the need for economic specialization. B) reduces the need to exchange goods. C) reduces the need for other stores of value. D) reduces transaction costs.
The "law of supply" states that, other things remaining the same, firms produce
A) more of a good the less it costs to produce it. B) less of a good the more it costs to produce it. C) more of a good the higher its price. D) less of a good as the required resources become scarcer.
In a Bertrand model with identical products
A) price is the same as in a competitive market equilibrium. B) price and quantity are the same as in a monopoly. C) price and quantity are the same as in a duopoly. D) None of the above.
It is possible to charge a price for a pure public good.
Answer the following statement true (T) or false (F)