Which of the Following Was NOT a Consequence of the Higher

question 2

Multiple Choice

Which of the following was NOT a consequence of the higher food prices caused by growing demand for agricultural produce in towns and cities?

• A)Lords sought to grow more food for profit on their estates.
• B)Many serfs were no longer legally tied to the land and were converted into free peasants.
• C)Almost all peasants gained complete economic independence from their lords.
• D)Labor services were often converted into monetary payments or fixed rents.
• E)All of these are correct.

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Definitions:

Aggregate Demand

The all-inclusive demand for goods and services within an economy, set at a definite price level and over a specific duration.

Goods and Services

The output of an economy, enterprise, or system that includes tangible products (goods) and intangible activities (services) provided to individuals or entities.

Money Is a Veil

The concept that suggests money's primary role is to facilitate trade without influencing the economy's real variables like output, employment, and consumption.

Classical View

An economic theory that emphasizes the importance of free markets, competitive forces, and the self-regulating nature of economies, minimizing government intervention.