In feudalism, serfdom was maintained primarily through:
A. market forces.
B. supply and demand.
C. tradition.
D. economic forces.
Answer: C
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The above table shows Priscilla's marginal utility from the two goods she consumes, pizza and Pepsi. A slice of pizza costs $4 and a can of Pepsi $2. Suppose Priscilla has $12 to spend
If the price of pizza decreases, Priscilla's preferences (her marginal utility schedule) for pizza A) will increase. B) will decrease. C) will not change. D) may increase or decrease depending on what happens to the price of Pepsi.
The theory of rational expectations states that
a. expected inflation will be no different from actual inflation, on average. b. expectations are based on all possible information. c. individuals always act optimally. d. expected inflation will be lower than actual inflation.
Which statement is true?
A. Monopolistic competitors have very elastic demand curves. B. Most monopolistic competitors are very large firms. C. Less than half of all businesses in the United States are monopolistic competitors. D. None of these statements are true.
The figure above shows three supply curves for wheat. Which of the following would cause the supply of wheat to shift from S1 to S2?
A. a decrease in the price of wheat B. a subsidy for wheat production C. an increase in the price of wheat D. a tax on wheat production