Question

True or false?

1) Economics is the study of how humankind ensures its material sufficiency, that is, how societies arrange for their material provisioning.

2.)Economic problems arise because the wants of most societies exceed the gifts of nature, giving rise to the general condition of scarcity.

3.)The economic societies of antiquity had several features in common, many of which contrast sharply with those of modern market economies.

4.)The manorial system, particularly in its earlier days (sixth to tenth centuries), was not a static economic system.

5.)The guild was the main form of organizing production in the towns and cities.

6.) Powerful forces of change were operative within European feudalism and served gradually to introduce the structure of a market society.

7.) The Industrial Revolution was a great turning period in history, during which manufacturing and industrial activity became primary forms of social production.

Answer 1

1. TRUE Economics is the study of how humankind ensures its material sufficiency, that is, how societies arrange for their material provisioning.

2. TRUE Economic problems arise because the wants of most societies exceed the gifts of nature, giving rise to the general condition of scarcity.

3. TRUE The economic societies of antiquity had several features in common, many of which contrast sharply with those of modern market economies.

4. FALSE because the manorial system, particularly in its earlier days (sixth to tenth centuries), was a static economic system.

5. TRUE The guild was the main form of organizing production in the towns and cities.

6. TRUE Powerful forces of change were operative within European feudalism and served gradually to introduce the structure of a market society.

7. TRUE The Industrial Revolution was a great turning period in history, during which manufacturing and industrial activity became primary forms of social production.