Answer:
The correct answer is - No, rapid and sustained economic growth is a modern phenomenon.
Explanation:
Economic growth is the increase in the income or value of final goods and services produced by an economy (usually from a country or region) in a given period (usually in a year).
Broadly speaking, economic growth refers to the increase of certain indicators, such as the production of goods and services, increased energy consumption, savings, investment, a favorable trade balance, increased calorie consumption per capita, etc. . The improvement of these indicators should theoretically lead to a rise in the living standards of the population.
Answer:
The industrial revolution affected the whole global economy, social relations, and culture.
The industrial revolution changed how goods were manufactured, and it all started with the European accumulation of capital and the invention of the steam engine.
The two major sources of energy were coal and oil that were used to power steam engines that moved machinery using water steam. That led to work specialization and urbanization (people moving into large urban areas).
The industrial revolution first started in northwestern Europe, but it then spread to the US, Russia and Japan. The global economy developed new patterns of global trade and production between nations that produced resources and those that processed them and produced goods.
Exporting economies grew around the world because of the need for exporting both raw materials and food supplies from resource producing nations, and the need for exporting finished goods form industrialized nations.
Answer: 2). Neither U.S. GDP nor U.S. GNP were affected.
Explanation: Gross Domestic Product (GDP) is the total monetary value of all the final goods and services produced in a country during its financial year.
Gross National Product (GNP) on the otherhand is broad measure of the value of all finished goods and services produced in a country in one year by its nationals.
Both GDP and GNP measure goods and services and not financial assets such as shares. Hence, financial assets do NOT contribute to the GDP or GNP of any nation.
The correct answer is answer b. a credit union