Use the Information Below to Answer the Following Questions

question 59

Multiple Choice

Use the information below to answer the following questions.
Fact 22.2.1
China was the largest economy for centuries because everyone had the same type of economy-subsistence-and so the country with the most people would be economically biggest. Then the Industrial Revolution sent the West on a more prosperous path. Now the world is returning to a common economy, this time technology- and information-based, so once again population triumphs.
-Consider Fact 22.2.1. China's was the world's largest economy until 1890 because

• A)people in all countries had approximately the same subsistence level of income.
• B)the Industrial Revolution gave the greatest growth to the countries with the largest populations.
• C)it was the country with the largest land mass.
• D)it was a large exporter of goods and services.
• E)it had a diverse climate.

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Definitions:

Total Output

The total amount of goods and services produced by an economy or a firm within a specific period.

Productive Capacity

The maximum output a company, sector, or economy can produce using its current resources efficiently.

Wage Bill

The total amount of money paid by businesses to their employees for work performed, typically over a specific period.

Remittance

The transfer of money by foreign workers to individuals in their home country.