The chart below shows a real wage index in England between 1260 and 1800. Figure 2.16: Real wages prior to the industrial revolution 800 700 Bubonic Statute of 600 plague Labourers 500 400 140 300 200 100 1260 1348 1800 2000 80 40 Kett's rebellion Peasants Glorious rebellion Revolution 20 1260 1320 1380 1440 1500 1560 1620 1680 1740 1800 We also know that in the bubonic plague of 1348 and 1351, between one quarter and one third of Europe's population died. It follows that (choose TWO): Select one or more: a. according to the Malthusian model, the fall in the population due to the bubonic plague would have led to an increase in the average productivity of workers, causing the observed rise in the real wage post-plague. O b. the doubling and halving of the real wage index over 250 years from around 1350 is contrary to the Malthusian model. C. the fall in the unskilled workers' share of total output in the 17th and 18th centuries was due to the fall in their average product of labour. d. without continuous large improvements in technology, the Malthusian model could only explain the rise in real wages from the 1800s onwards by a massive fall in population. Real wage index (10 Real wage index (1850-100)

The chart below shows a real wage index in England between 1260 and 1800. Figure 2.16: Real wages prior to the industrial revolution 800 700 Bubonic Statute of 600 plague Labourers 500 400 140 300 200 100 1260 1348 1800 2000 80 40 Kett's rebellion Peasants Glorious rebellion Revolution 20 1260 1320 1380 1440 1500 1560 1620 1680 1740 1800 We also know that in the bubonic plague of 1348 and 1351, between one quarter and one third of Europe's population died. It follows that (choose TWO): Select one or more: a. according to the Malthusian model, the fall in the population due to the bubonic plague would have led to an increase in the average productivity of workers, causing the observed rise in the real wage post-plague. O b. the doubling and halving of the real wage index over 250 years from around 1350 is contrary to the Malthusian model. C. the fall in the unskilled workers' share of total output in the 17th and 18th centuries was due to the fall in their average product of labour. d. without continuous large improvements in technology, the Malthusian model could only explain the rise in real wages from the 1800s onwards by a massive fall in population. Real wage index (10 Real wage index (1850-100)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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