Prior to the industrial revolution
A. economic growth was only 1 percent per year.
B. life remained the same from one generation to the next.
C. most workers were craftsmen, such as millers, carpenters, and tailors.
D. there were very few rich people, but there were very few poor people.
B. life remained the same from one generation to the next.
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If both producers and consumers believe that a product's price will rise in the future, then at the present, the equilibrium price
A) does not change. B) rises. C) falls. D) might rise, fall, or not change, but the change can never be predicted. E) might rise, fall, or not change depending on whether the effect from the producers is greater than or less than the effect from the consumers.
Fiscal policy is most effective when
A) I is very sensitive to r. B) LP is not very sensitive to r. C) LP is very sensitive to r. D) I is not very sensitive to r.
Economists consider economic depreciation to be the ________ in market value from the use of the capital and measure this use in terms of ________ cost.
A) increase; marginal B) decrease; opportunity C) increase; opportunity D) decrease; marginal
Mason and Jack are neighbors. Mason wants to buy a new outdoor grill so he can barbecue. Mason has two? options, a charcoal grill or a gas grill. By using _____ , he chooses to buy a gas grill. Mason knows that Jack would borrow his grill without asking; therefore, decides to use ______ in order to prevent his neighbor Jack from becoming a free-rider.
Fill in the blank(s) with the appropriate word(s).