What is the likely reason for the Industrial Revolution to have started in Britain and not somewhere else?
What will be an ideal response?
The primary reason for why the Industrial Revolution started in Britain is that institutions in Britain were inclusive. Britain had a well-developed market system with private property rights. This improved profitability of businesses, and encouraged entrepreneurs to innovate. Britain also had a patent system that allowed the inventors of new technologies to protect their property rights not only in tangible assets but also in ideas. These institutional features of the British society were the key prerequisites for the industrial revolution.
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The supply curve has a
A) negative slope. B) positive slope. C) slope equal to -1. D) undefined slope.
According to Keynesians, __________ monetary policy will not remove the economy from a(an) __________ gap if __________
A) contractionary; recessionary; investment is interest-insensitive B) expansionary; recessionary; the economy is in the liquidity trap C) expansionary; inflationary; investment is interest-insensitive D) contractionary; inflationary; the economy has been in the inflationary gap for more than one year E) none of the above