Which of the Following Was NOT One of the Economic

question 4

Multiple Choice

Which of the following was NOT one of the economic changes that took place in England in the sixteenth and seventeenth centuries?

• A) Rise of free wage labor
• B) Decline of free wage labor
• C) Separation of labor from the land
• D) Transformation of land and labor into commodities

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Definitions:

Profit

The financial gain achieved when the revenue from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.

Production Function

A mathematical expression that describes the relationship between input factors of production (like labor and capital) and the output of goods or services.

Labor

Labor refers to the human effort, both physical and mental, used in the production of goods and services.

Output

The quantity of goods or services produced in a given time period by a firm, industry, or economy.