13.The Black Death was a pandemic that killed 30 to 60 percent of Europe’s population.As a...
13.The Black Death was a pandemic that killed 30 to 60 percent of Europe’s population.As a result of this plague, European wages increased, and the price of land decreased.What is the most likely explanation for this?
(A) Demand for labour decreased, and supply of land increased.
(B) Demand for labour increased, and supply of land decreased.
(C) Supply of labour decreased, and demand for land increased.
(D) Supply of labour decreased, and supply of land increased.
Homework Answers
Answer: (D) Supply of labour decreased, and supply of land increased.
After the black death plague, the number of population in Europe decreased, and as a result the supply of labour also decreased. As the supply of labour decreased, the scarcity of labour emerged in labour market.So the price of labour, or wage rate increased.
In case of land, the area of land was limited, but as the plague was disastrous and killed many people, a large part of land went vacant.Also the decrease in population caused a decrease in the demand for land. As a result, the supply of land increased. Due to the increase of the supply of land, the price of land decreased.
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13.The Black Death was a pandemic that killed 30 to 60 percent
of Europe’s population.As a...
13. The Black Death was a pandemic that killed 30 to 60 percent of Europe's population....
13. The Black Death was a pandemic that killed 30 to 60 percent of Europe's population. As a result of this plague, European wages increased, and the price of land decreased. What is the most likely explanation for this? (A) Demand for labour decreased, and supply of land increased. (B) Demand for labour increased, and supply of land decreased. (C) Supply of labour decreased, and demand for land increased. (D) Supply of labour decreased, and supply of land increased. 14....
27) Suppose we observe a rise in the prics ot sold. Which one of the following...
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13. The Black Death was a pandemic that killed 30 to 60 percent of Europe's population. As a result of this plague, European wages increased, and the price of land decreased. What is the most likely explanation for this? (A) Demand for labour decreased, and supply of land increased. (B) Demand for labour increased, and supply of land decreased. (C) Supply of labour decreased, and demand for land increased. (D) Supply of labour decreased, and supply of land increased. 14....
27) Suppose we observe a rise in the prics ot sold. Which one of the following is a likely explanation und an ncease n thr qantity of good A bought a 2 A) The demand for A increased. B) The supply of A increased C) The demand for A decreased. D) The supply of A decreased. E) The law of demand is violated. Tp 28) 28) Suppose we observe a fall in the price of gu and sold. Which one...
All of the following topics, except one, are valid macroeconomic topics. Which one is the exception? Select one: a. the effect of the government budget deficit on inflation b. the reasons the labour force in a country decreases c. the reasons the average price level in a country falls d. the cause of increasing unemployment O e the reasons the price of coffee fluctuates Suppose we observe a rise in the price of good A and an increase in the...
Click on the icon to study the Economics in the News. Nate that the minimum wage was last increased in 2010 and Wage rate (dolars per hour) that since then other wage rates and the cost of most things that people buy have increased. Then answer the following quesfons Between 2010 and 2014, the demand for labour and the supply of labour S OA decreased; increased O B. decreased, dedeased 15 Minimum Wage O C. increased, increased OD. increased, decreased...
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