Which of the following is true of the Industrial Revolution?
a. It led to a twofold increase in the population of all nations
b. It led to a twofold increase in the per-capita GDP of all nations.
c. It led to the invention of machines, leading to a transition to new manufacturing processes.
d. It resulted in a decrease in the foreign reserves of major industrialized nations.
c
You might also like to view...
What are some criticisms of the CPI as a measure of inflation?
In a market that is contestable, but has only a few sellers, the
a. threat of new entrants will prevent prices from rising above the competitive level. b. producers will be able to charge prices that are high enough to produce long-run economic profits. c. producers will not face new competition because the barriers to entry are high. d. market will never be expected to come close to the competitive result.
Money, such as gold, with some intrinsic value is called _____. Money with no intrinsic value is called _____
Fill in the blank(s) with correct word
According to the Coase theorem, under which conditions can private parties solve the problem of externalities?
a) if the cost of bargaining is small b) if the initial distribution of rights favours the person being adversely affected by the externality c) if the number of parties involved is sufficiently large d) if the number of parties involved is sufficiently small