A separation of institutional forms is most characteristic of__________________?
Correct answer: A. industrial societies
- A. industrial societies
- B. agricultural societies
- C. pastoral societies
- D. horticultural societies
Explanation
Industrial societies develop differentiated institutions, such as separate economic, political, educational, and religious structures. Less complex agricultural, pastoral, and horticultural societies tend to have institutions that overlap more.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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