All of the Following Statements Are True of the Three-Field

question 74

Multiple Choice

All of the following statements are true of the three-field system except

• A) ​only two-thirds of the land was used in a given year
• B) ​it increased the amount of land farmed
• C) ​diversification of crops added more vegetable protein
• D) ​was mostly used in Southern Europe
• E) ​left one-third of the land fallow each year

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Definitions:

Implicit Costs

The opportunity costs of using resources owned by the firm for its own use, rather than selling them for a profit elsewhere.

Economic Costs

The total value of all resources used in the production of goods or services, including both explicit and implicit costs.

Opportunity Costs

The potential benefits an individual, investor, or business misses out on when choosing one alternative over another.

Accounting Profit

The difference between total revenue and explicit costs, indicating the financial gain recorded in the books of accounts.