Which of the following accurately describes economic growth and standards of living between 1,000,000 B.C. and 1300 A.D.?
A) No sustained economic growth occurred between 1,000,000 B.C. and 1300 A.D.
B) Significant economic growth took place between 1,000,000 B.C. and 1300 A.D.
C) Standards of living substantially declined from 1,000,000 B.C. to 1300 A.D.
D) Standards of living in 1300 A.D. were substantially better than what they were in 1,000,000 B.C.
Question 2
If, when a firm doubles all its inputs, its average cost of production decreases, then production displays
A) declining fixed costs. B) diseconomies of scale.
C) diminishing returns. D) economies of scale.
Living will.
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