What was the Industrial Revolution? How did it contribute to modern economic growth?
What will be an ideal response?
Industrial Revolution is the term used for describing the series of innovation and their implementation in the production process that started to take place at the end of the 18th century in Britain. The revolution contributed to modern economic growth by opening the way for more steady and rapid technological changes. It started a wave of industrialization that spread to many other countries around the world.
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An example of moral hazard is
a. A taxi driver paid per mile taking the shortest route b. a piece-rate garment worker shirking less than a per jour worker c. an hourly salesman working harder than a commission salesman d. an author on contract going to as many book signings as one with a percentage royalty rate
A decrease in a broad index of commodity prices suggests to the Fed that
a. money is plentiful, and the Fed should conduct restrictive policy. b. money is plentiful, and the Fed should conduct expansionary policy. c. deflation is a potential future danger, and the Fed should conduct expansionary policy. d. future prices will likely increase, and the Fed should conduct expansionary policy.
Imagine that Odyssey National is a brand new bank, and that its required reserve ratio is 10 percent. If it accepts a $1,000 deposit, then its excess reserve balance will be:
A. $0. B. $90. C. $100. D. $900.
Suppose the production function for T-shirts can be represented as q = L0.25K0.75. Show that the production function has constant returns to scale
What will be an ideal response?