In the Fourteenth Century It Is Estimated That Deaths Resulting

question 98

Multiple Choice

In the fourteenth century it is estimated that deaths resulting from the bubonic plague reduced the population by about a third.Assuming diminishing returns,the decrease in population should have

• A)increased productivity and real GDP per person.
• B)increased productivity but decreased real GDP per person.
• C)increased real GDP per person,but decreased productivity.
• D)decreased productivity and real GDP per person.

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Definitions:

Alternative Technologies

Different methods or processes available for producing goods and services, often considered in the context of replacing or improving current production techniques.

Total Product

The total output or production by a company during a specific period of time.

Average Product

Average Product is the output per unit of input, calculated by dividing total product by the quantity of the input.

Marginal Product

The additional output that is produced by adding one more unit of a specific input, while holding other inputs constant.