The Growth Achieved During Pax Britannica (Between 1815 and 1914)

question 20

Multiple Choice

The growth achieved during Pax Britannica (between 1815 and 1914) was the equivalent of ______ previous years of growth.

• A) 500
• B) 300-400
• C) 1,000
• D) 100

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Definitions:

Saving

Disposable income not spent for consumer goods; equal to disposable income minus personal consumption expenditures; saving is a flow. Compare with savings.

Developing Countries

Nations with a lower level of industrialization, lower living standards, and lower Human Development Index (HDI) scores compared to developed countries.

Banking System

The network of institutions that provide financial services, including the holding of deposits, providing loans, and facilitating payments.

Aggregate Domestic Output

The total value of all goods and services produced within a country's borders in a specific time period.