The Black Death in fourteenth-century Europe resulted in
a. a lower marginal product of labor of surviving workers.
b. a higher marginal product of labor of surviving workers.
c. economic hardship for surviving peasants.
d. economic prosperity for surviving landowners.
b
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In a closed economy, private saving is equal to which of the following? (Y = GDP, C = Consumption, G = Government purchases, T = Taxes, and TR = Transfers)
A) Y + TR - C - T B) Y - C - T C) Y - G - T + TR D) Y - G - T
In the long run, if government increases spending ________
A) interest rates decrease B) it crowds out private investment C) saving increases D) all of the above E) none of the above
The law of increasing opportunity cost is based on the idea that
a. wages tend to increase with the level of employment b. interest rates tend to rise with increasing inflation c. labor costs for a typical firm are a large and growing proportion of total cost d. most resources are better suited to producing some goods than others e. the less of something we produce, the greater is the opportunity cost of producing still more
When the economy is producing Real GDP at the level at which the LRAS curve intersects the AD curve the economy is
A) in a recessionary gap. B) in long-run equilibrium. C) in an inflationary gap. D) operating at less than full-employment output.