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Question
S1: The local taxes were eliminated in Britain by the end of the 17th century.
S2: Currencies were used for trade instead of exchanging goods.
S3: The people of Britain were not familiar to open markets which gradually led to a decrease in demand for goods.
Read the above three statements and select the appropriate option from below.
S1: The local taxes were eliminated in Britain by the end of the 17th century.
S2: Currencies were used for trade instead of exchanging goods.
S3: The people of Britain were not familiar to open markets which gradually led to a decrease in demand for goods.
Read the above three statements and select the appropriate option from below.
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Solution
The correct option is D S1: True; S2: True; S3: False
The local taxes on goods were eliminated. By the end of the 17th century, currencies were widely used as a medium of exchange over the traditional method of exchanging goods. It resulted in a large section of the population receiving their income in the form of wages and salaries. People had wider options to spend their money, leading to an expansion of the market, giving people more options to spend their income.
The local taxes on goods were eliminated. By the end of the 17th century, currencies were widely used as a medium of exchange over the traditional method of exchanging goods. It resulted in a large section of the population receiving their income in the form of wages and salaries. People had wider options to spend their money, leading to an expansion of the market, giving people more options to spend their income.
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