The effect of the Black Death in 14th-century Europe was to
a. decrease wages.
b. increase land rents.
c. reduce income inequality between peasants and the landed classes.
d. Both a) and b) are correct.
c
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Consider two scenarios for a nation's economic growth. Scenario A has real GDP growing at an average annual rate of 2%; scenario B has an average annual growth of 8%. The nation's real GDP would double in about
A. 36 years under scenario A, versus 18 years under scenario B. B. 18 years under scenario A, versus 9 years under scenario B. C. 36 years under scenario A, versus 9 years under scenario B. D. 25 years under scenario A, versus 12.5 years under scenario B.
The national debt is:
A. the difference between a nation's exports and imports of goods and services. B. the sum of the personal debt of all citizens in the United States. C. the cumulative effect of all past budget deficits and surpluses of the federal government. D. equal to the current size of the budget deficit.
In long-run equilibrium in a monopolistically competitive industry, a firm will
A. have a perfectly elastic demand curve. B. produce at a point to the left of the minimum point on its average total cost curve. C. always earn an economic profit. D. produce an output rate at which P = MC.
Refer to the given information. The unemployment rate is:
Answer the question on the basis of the following information about a hypothetical economy:
A. 18.8 percent.
B. 12.5 percent.
C. 16.7 percent.
D. 25 percent.