The era of stagnation followed by the industrial revolution

Which of the following transition best characterises the transition to a modern economy?

• Increase in feudalism

• Increase in serfdom

• Increase in agriculture sector

• Increase in services sector

Which of the following is the primary variable that caused rural-urban migration?

• Higher wages

• Greater population

• More jobs

• More land

• The worker would leave the employer

• The employer would attract employers

• Wages and productivity are in equlibrium, leading to no change

• Productivity would rise so that it would be in equilibrium with wages

Which of the following is NOT a characteristic of a competitive labour market?

• Freely available information on wages

• High degree of labour mobility

• Small number of workers and employers

• Wages are commensurate with productivity

In a traditional economy, an increase in land as an input leads to ...

• Diminishing returns to output

• Accelerating returns to output

• Diminishing returns to labour

• Accelerating returns to labour

Which of the following is the key additional variable that differentiates a modern economy from a traditional one?

• Land

• Physical Capital

• Labour

• Resource allocation skill

How does the slope of GDP change from a traditional to a modern economy?

• Concave to linear

• Concave to convex

• Convex to concave

• Linear to concave

An increase in technology is also known as ...

• Monetary capital

• Physical capital

• Labour

• Land

Which of the following was critical to driving the British Industrial Revolution?

• Gunpowder

• Steam Engine

• The compass

• Computers

At what point did the industrial revolution lead to sustained economic growth in the US and Western Europe?

• 1700s

• 1800s

• 1900s

• 2000s