Which of the Following Played the Most Important Role in Britain's

question 36

Multiple Choice

Which of the following played the most important role in Britain's early leadership in the Industrial Revolution?

• A)extensive rivers and canals
• B)well-established public schools
• C)strict government regulation of business
• D)low labor costs
• E)high tariffs

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Definitions:

Full Employment

An economic situation where all available labor resources are being used in the most efficient way possible, indicating low unemployment.

Government Intervention

Involves actions taken by a government to affect the economy, which can include regulations, subsidies, tariffs, and direct spending.

Aggregate Supply Curve

A graphical representation depicting the total supply of goods and services that firms in an economy are willing to sell at a given price level over a period of time.

Maximum Output Level

The highest amount of production that a company or economy can sustain over a long period without leading to deterioration.