Max Weber Carried Out Historical Analysis of the Rise of the Industrial

question 38

Multiple Choice

Max Weber carried out historical analysis of the rise of the Industrial Revolution and capitalism that linked this change to

• A)religious warfare.
• B)divine intervention in the world.
• C)religious values and beliefs,especially those associated with Calvinism.
• D)the birth of science.

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Definitions:

Market Failure

The failure of a market to be efficient; when the individual pursuit of self-interest leads to bad results for society as a whole.

Market Power

The ability of a producer to raise prices.

Externalities

External benefits and external costs.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning individuals cannot be effectively excluded from use, and where use by one individual does not reduce availability to others.