The two economic groups competing for power during the transition from mercantilism to capitalism were:
A. craft guilds and industrialists.
B. craft guilds and the lords of the manor.
C. merchants and the lords of the manor.
D. serfs and craft guilds.
Answer: A
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Refer to Scenario 11.1. Suppose all five ranchers know that their land that Mariana needs is worth a total of $2 million. If each rancher agrees to sell his or her parcel of land to Mariana for $500,000, the economic pie will
A) grow by $500,000. B) grow by $1 million. C) grow by $2 million. D) shrink by $500,000.
As a part of the tax cut package signed into law on December 17, 2010, the government reduced the employee portion of the payroll tax from 4% to 2% for 2011. According to the permanent-income hypothesis, households that smooth consumption will
A) use all of the extra income generated by this tax reduction for consumption during 2011. B) use a large portion of the extra income generated by this tax reduction for consumption during 2011. C) use most of the extra income generated by this tax reduction as saving during 2011. D) split the income evenly between consumption and saving during 2011, since the tax cut will expire after one year and consumption is smoothed.
Which of the following serves as an automatic stabilizer in the economy?
A. the progressive income tax B. interest rates C. exchange rates D. the inflation rate
Most monetarists favor:
A. frequent changes in the growth rate of the money supply to avoid inflation. B. placing the Federal Reserve under the Treasury. C. a steady, gradual shrinkage of the money supply. D. a constant increase in the money supply year after year equal to the potential annual growth rate in real GDP.