The Historic Economy of China

What significant change has China undergone in recent decades?

• Adoption of a new national language

• Shift from a collection of peasant farmers to an economic powerhouse

• Change in its geographical boundaries

• Transition from a monarchy to a democracy

How does purchasing power parity differ from nominal GDP?

• It adjusts for cost of living differences

• It is measured in local currency only

• It only considers government spending

• It excludes exports from calculations

What was China's economic status in the late 19th century?

• It was the smallest economy in the world

• It was an industrial leader with advanced technology

• It was a leading economy due to its large population and resources

• It was isolated with no international trade

What is a production possibility frontier used to illustrate?

• The cultural influences on a nation's economy

• The political stability of a country

• The historical timeline of a country's economic growth

• The maximum output of a nation given its resources

What was one of the first uses of gunpowder in China?

• To build fortifications

• To power steam engines

• To create fireworks for entertainment

• To develop new agricultural tools