Describe what took place during the Industrial Revolution
What will be an ideal response?
The Industrial Revolution refers to the period in England during the late eighteenth and early nineteenth centuries in which new manufacturing technologies and improved transportation gave rise to the modern factory system and a massive movement of the population from the countryside to the cities.
Economics
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A consumer will maximize utility when all income is spent and the marginal utility is equal for all goods
Indicate whether the statement is true or false
Economics
A minimum wage in the formal sector will likely
a. reduce the number of formal-sector workers b. increase labor supply and lower wages in the informal sector c. encourage rural-urban migration d. lead to increased mechanization in the formal sector e. all of the above
Economics