The rate of change for most of human history has been________________?
Correct answer: A. slow until the Industrial Revolution then rapid
- A. slow until the Industrial Revolution then rapid
- B. rapid since the beginning of history
- C. unchanged
- D. slow because people are creatures of habit
Explanation
For most of history, technological and social change was relatively slow; the Industrial Revolution greatly accelerated it through mechanisation and industrial production. This makes option a the best description.
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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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