The Industrial Revolution was important to the history of economic systems because it:
A. concentrated wealth in the hands of a few noblemen who then controlled the land in their region, creating a feudal system.
B. increased the wealth of merchants and artisans and eventually led to a change in economic systems to mercantilism.
C. changed the way people exchanged goods-from barter to using money as a medium of exchange.
D. increased the power of capitalists and eventually led to a revolution instituting capitalism as the dominant economic system.
Answer: D
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Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. If Jerry decides to specialize in building fences, what are the limits to his terms of trade?
A. Jerry will accept no less than 7 dishes for each fence. B. Jerry will accept no less than 2 dishes for each fence. C. Jerry will accept no less than 7 fences for each dishes. D. Jerry will accept no less than 2 fences for each dishes.
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a. It is cheaper to provide airline service to students and vacationers than to business travelers. b. The demand of business travelers is generally more elastic than the demand of students and vacationers. c. The demand of students and vacationers is generally more elastic than the demand of business travelers. d. Airlines prefer to deal with students and vacationers rather than business travelers.