Compare and contrast the characteristics of economic growth in ancient or pre-industrial times with modern economic growth today
What will be an ideal response?
In ancient times and in the pre-industrial periods of human history, the characteristic of economic growth was that output would increase but so would the population. As a consequence, the standards of living barely changed as output per capital remained fairly constant. The industrial revolution of the late 1700 brought with it modern economic growth and allowed individuals to enjoy higher levels of output and standards of living.
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The costs of regulation
A) include increased taxes and increased prices of the products being regulated. B) are paid entirely by the regulated industries. C) are more than covered by the benefits gained from the regulation. D) are relatively small.
Which of the following would shift a market labor supply curve to the left?
a. an increase in the wage paid to workers in a competing market b. labor-saving technology c. a change in worker tastes so that workers want to retire later d. an increase in immigration
Financial markets do not function as well as they could due to:
A. the cost of obtaining information which can be high. B. fluctuations in the inflation rate. C. regulation by governments. D. the fact that banking is highly monopolized.
During the Great Depression in the United States between 1930 and 1933, banks' reserve/deposit ratio ________ and the amount of currency held by the public ________, while the money supply ________.
A. decreased; decreased; decreased B. increased; increased; decreased C. increased; increased; increased D. decreased; decreased; increased