Chapter 20: Problem 1
Explain what the Industrial Revolution was and where it began.
Chapter 20: Problem 1
Explain what the Industrial Revolution was and where it began.
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How did the Industrial Revolution increase the economic growth rate and income levels in the United States?
How is GDP per capital calculated differently from labor productivity?
Describe some of the political and social tradeoffs that might occur when a less developed country adopts a strategy to promote labor force participation and economic growth via investment in girls' education.
How is the concept of technology, as defined with the aggregate production function, different from our everyday use of the word?
Why does productivity growth in high-income economies not slow down as it runs into diminishing returns from additional investments in physical capital and human capital? Does this show one area where the theory of diminishing returns fails to apply? Why or why not?
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