The first Industrial Revolution
A. brought mass consumption for all of Western Europe and the United States.
B. started around 1900.
C. spread more or less evenly all around the world.
D. was confined to Europe, the United States, Canada, Australia, New Zealand, and Japan until the mid-20th century.
D. was confined to Europe, the United States, Canada, Australia, New Zealand, and Japan until the mid-20th century.
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The long-run Phillips curve applies when the economy is at full employment, so the long-run Phillips curve is
A) upward sloping. B) downward sloping. C) vertical. D) horizontal. E) unnecessary.
Suppose that Tracy and Pat start a business. Because of a series of bad decisions by Tracy, the company goes bankrupt, owing a total of $50,000. Tracy is penniless and Pat is a millionaire
If the company were organized as a partnership, Pat would be responsible for A) over $1 million of debt. B) $50,000 of debt. C) $25,000 of debt. D) $0 of debt.
Mr. and Mrs. Jones want to invest for their retirement by buying stocks. Mr. Jones has heard about an up-and-coming stock and wants to invest $10,000 in it. Mrs. Jones thinks it would be more prudent to invest $10,000 in a mutual fund because it would be _____________ and therefore ______________.
a. quicker/more profitable b. diversified/less risky c. easier to understand/have a greater return d. collectible/earn equity
After getting a raise at work, Jennie now regularly buys steak instead of hamburger. Based on this behavior, we can assume:
A. steak is a normal good, and hamburger is an inferior good for Jennie. B. steak and hamburger are - normal goods for Jennie. C. steak is an inferior good, and hamburger is a normal good for Jennie. D. steak and hamburger are complementary goods for Jennie.