What Was One Consequence of the Second Industrial Revolution

question 6

Multiple Choice

What was one consequence of the Second Industrial Revolution?

• A)Fewer people could read and write.
• B)People lived much shorter lives.
• C)People were less likely to go to church.
• D)The traditional family was almost entirely destroyed.
• E)Nationalism became less of a concern.

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Definitions:

Market Imperfection

Any deviation from the ideal conditions of a fully competitive market, which may lead to inefficient market outcomes.

Persistent Wage Differentials

The continuous difference in wages across sectors, regions, or occupations due to factors like differences in skill levels, working conditions, or geographic location.

Principal-Agent Problems

Issues that arise when a principal hires an agent to perform tasks, and the agent's best interest does not align with the principal's.

Human Capital

The skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value to an organization or society.