What features made England in the eighteenth century the place where the Industrial Revolution occurred?
What will be an ideal response?
The British Parliament had just gained control over the government from the king; British courts became independent of the king, upheld property rights and protected wealth, and markets in England at the time were "efficient" in that prices for the same products were the same across regions after accounting for transportation costs.
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An upward-sloping supply curve suggests that producers
A) sell less at higher prices. B) sell more at lower prices. C) plan to sell more at a given, higher price. D) ignore marginal costs of production, and only focus on the demand for their product.
In the Soviet Union, most goods and services were produced by __________________.
Fill in the blank(s) with the appropriate word(s).
It should be possible to avoid intensifying crises when there are weak financial sectors if
A) banks pay closer attention to the maturity match between their debts and assets. B) governments do not run budget deficits. C) current account deficits are moderate. D) banks do not lend to unworthy creditors.
When saving is less than planned investment in the aggregate expenditures model of a private closed economy then:
A. Real GDP will decrease B. The rate of interest will decline C. There will be a decline in the price level D. There will be a rise in real GDP