The Introduction of the Power Loom During the Industrial Revolution

question 28

Multiple Choice

The introduction of the power loom during the Industrial Revolution caused:

• A) economic growth.
• B) the long-run aggregate supply curve to shift to the right.
• C) an increase in the potential output of the economy.
• D) All of these are true.

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Definitions:

Reciprocity Norms

Social norms that dictate individuals should return benefits for benefits received, fostering cooperation and social exchange.

Human Cultures

The shared customs, arts, social institutions, achievements, and beliefs of groups of people.

Agrarian

Pertaining to agriculture or the cultivation of land, often used to describe societies primarily focused on farming.

Pay It Forward

The act of repaying the benefits one has received by providing benefits to others, rather than to the original benefactor.