Why is the scientific revolution an insufficient explanation for the Industrial Revolution? The scientific revolution was stopped by religious fanatics. Scientific discovery is unrelated to economic progress. O The early advances of the Industrial Revolution were not reliant on scientific breakthroughs. O The scientific revolution, while a step forward, still got most things wrong.

What is predicted by new growth theory? According to new growth theory, A. economic growth most often occurs in economies with large populations, such as what we see in China today B. technological advances are determined by chance O C. our unlimited wants will lead us to ever greater productivity and perpetual economic growth O D. prosperity will last but growth will not last because eventually technology stops advancing Click to select your answer. 品 esc F2 FA F5 F3 F1 # %24

.      Explain the Malthusian theory briefly and concisely.

Was Adam Smith optimistic or pessimistic about the effect on society of the Industrial Revolution?   Why did he feel this way?

"Innovation by the Entrepreneur" argued Schumpeter, leads to gales of "creative destruction" as innovations cause old inventories, ideas, technologies, skills, and equipment to become obsolete. The question is not "how capitalism administers existing structures,…[but] how it creates and destroys them." This creative destruction, he believed, causes continuous progress and improves the standards of living for everyone." Joseph Alois Schumpeter, 1883-1950Links to an external site. In terms a little more modern than Shumpater's, Dr. Abhijeett Desai explains that the predominant form of innovation can look disruptive, but is, in fact, transformational innovation. Explore Dr. Desai's thinking in Transformative Innovations vs. Disruptive InnovationLinks to an external site..

Which of the following was the main result of the Great Leap Forward?The CCP eliminated collective farms People demanded an end to Communist policies China industrialized within a decade It caused a famine that killed tens of millions

If Adam Smith were alive today and looking at our economy what conclusions would be the same/different.  Would be a pessimist or optimist about our Technology Revolution?  Why?

Efficiency Which of these economic goals is most important in a Traditional economy? Growth O Stability O Freedom O Efficiency

The table below represents Freedonia's macroeconomic data for 2003 and 2004. Year Y K 2003 2000 1700 70 2004 2100 1785 75 a. What is the economic growth rate of Freedonia from 2003 to 2004? Show your calculation. b. What is the capital growth rate from 2003 to 2004? Show your calculation. c. What is labor growth rate from 2003 to 2004? Show your calculation. d. Suppose the production function is given by Y = AKO.25L0.75. Use two %3D approaches to solve for the growth rate of total factor productivity (A) from 2003 to 2004. Show your calculation.

Give an economic explanation of why the US was more inclined to technological innovations than the U.K..