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(Solution document) Question 1 What conditions did the Industrial Revolution lead to?


Question 1


What conditions did the Industrial Revolution lead to? Select all that apply.

Select all that apply:

  • Unequal distribution of wealth between nations.

  • Greater social mobility in the U.S. and Great Britain

  • The rise of more dangerous and dirty jobs.

  • Rapid and sustained economic growth.

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Question 2

According to Jan Luiten van Zanden, what contributed to the success of the Industrial Revolution? Select all that apply.

Select all that apply:

  • Slavery

  • The invention of the printing press.

  • Global trading routes

  • The standardization of trade

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Question 3

What is true of the neoclassical growth model?

Select all that apply:

  • It was pioneered by John Maynard Keynes.

  • Its major components are technological change and capital.

  • Its primary tool is the aggregate production function.

  • It does not concern itself with physical capital.

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Question 4

How have the sources of economic growth changed from the 20th to the 21st centuries? Select all that apply.

Select all that apply:

  • Improved qualities of factors of production have been more responsible for growth in the 21st century.

  • Increases in labor have been comparatively more responsible for growth in the 21st century.

  • Quantities of physical capital have been comparatively more responsible for growth in the 21st century.

  • Technology has been more responsible for growth in the 21st century.

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Question 5

Labor productivity is increased by all of the following except _______. Select all that apply.

Select all that apply:

  • an unskilled workforce

  • a larger number of employees

  • modern technology

  • higher marginal costs relative to production

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Question 6

Labor productivity is defined as ________.

Select the correct answer below:

the cost advantages that industries gain due to size

output, expressed per hour or per employee

the rate of growth in relationship to past GDP growth

is the long-run process that occurs as an economy's potential output increases

 







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