HISTORY
ANCIENT ROME
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Expansion of empires allows governments to decrease taxes charged to merchants, making more money available in the economy.
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Improved communication technolgies allowed rulers to rule larger areas making more natural resources available in the economy.
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Frequent warfare allowed kingdoms to increase military spending which led to more purchases by soldiers.
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Trade among regions allowed merchants and producers of goods to make profits and increase their economies’ overall wealth.
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Detailed explanation-1: -Technological Breakthroughs and Industrialization Steamships, railroads, and the telegraph accelerate global commerce, along with industrialization and mass production. Rapid population growth increases demand for goods and services.
Detailed explanation-2: -Trade contributes to global efficiency. When a country opens up to trade, capital and labor shift toward industries in which they are used more efficiently. Societies derive a higher level of economic welfare.
Detailed explanation-3: -An increase in the amount of goods and services produced per head of the population over a period of time is called economic growth. It includes increase in per capita production, per capita real income and structural change in economics. It talks about quantitative increase but not qualitative increase.
Detailed explanation-4: -There are three main factors that drive economic growth: Accumulation of capital stock. Increases in labor inputs, such as workers or hours worked. Technological advancement.