Compared with the 19th Century, During the Colonial Period Technological

question 4

Multiple Choice

Compared with the 19th century, during the colonial period technological changes that raised output relative to inputs

• A) were slow and steady.
• B) increased in the early part of the period, but fell off dramatically after 1643.
• C) remained minor and sporadic.
• D) increased dramatically after 1643.

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Definitions:

Profits

The financial gain obtained when the revenue generated from business activities exceeds the expenses, costs, and taxes needed to sustain those activities.

Economic Effects

The influence of various factors, including policies, market shifts, and external events, on the economy's performance, structure, and behavior.

Income Transfer

The reallocation of money from one group to another through mechanisms like taxes, subsidies, welfare payments, or other social assistance programs.

Supply Curve

A graph showing the relationship between the price of a good and the amount of the good that suppliers are willing to sell.