As a Consequence of the Economic Changes of the Sixteenth

question 54

Multiple Choice

As a consequence of the economic changes of the sixteenth century,

• A)the real wages of ordinary laborers rose markedly.
• B)crime and vagrancy in the countryside decreased as peasants enjoyed good markets in products for food.
• C)a new aristocracy developed out of the commercial and office-holding opportunities.
• D)work in cities became harder to find.
• E)women were excluded from capitalist activities.

Analyze the role of market competition in maximizing total benefits to buyers and sellers.

Understand how public policy can affect market efficiency and address market failures.

Recognize the importance of willingness to pay in determining consumer surplus.

Insight into how market conditions, such as price ceilings and floors, affect consumer and producer surplus.

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Definitions:

Expression

In mathematics, a combination of symbols that represent a quantity or a relationship between quantities.

Simplify

To make something easier to understand or do.

Simplify

To make something easier to understand or to do, often by reducing complexity.

Six-figure Accuracy

Precision that extends to six digits.