The Industrial Revolution was based on_______________?
Correct answer: D. all of the above
- A. the invention of basic machines
- B. the discovery of new material
- C. new sources power
- D. all of the above
Explanation
Industrialization depended on mechanical inventions, new materials such as iron and improved textiles, and new power sources including steam. Since all three supported the transformation, all of the above is correct.
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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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