According to the Application, the cultural changes in England allowed individuals to take advantage of
A) the elimination of trade barriers resulting from the formation of the European Union.
B) the decrease in population caused by the number of citizens who were leaving for the New World.
C) new developments in science and technology.
D) the increase in agrarian lifestyles.
C
You might also like to view...
Which of the following schematics most accurately represents economic fluctuations during a business cycle?
A) Shock -> Spending response by households and firms -> Multiplier effect -> Change in real GDP B) Shock -> Multiplier effect -> Spending response by households and firms -> Change in real GDP C) Shock -> Multiplier effect -> Change in real GDP -> Spending response by households and firms D) Shock -> Change in real GDP -> Spending response by households and firms -> Multiplier effect
If a seller in a competitive market chooses to charge more than the going price, then
a. the sellers' profits must increase. b. the owners of the raw materials used in production would raise the prices for the raw materials. c. other sellers would also raise their prices. d. buyers will make purchases from other sellers.
change in quantity demanded
What will be an ideal response?
If persistent inflation was due to declines in long-run aggregate supply, what pattern would be observed?
A. Only prices of services would increase; prices of goods would remain constant. B. Increases in the price level would occur simultaneously with increases in real GDP. C. Only prices of goods would increase; prices of services would remain constant. D. Increases in the price level would occur simultaneously with decreases in real GDP.