1
Question
Select the correct option based on the following statements.
Statement 1: In England, during 19th century, large-scale production was done by using power-driven machinery in big factories, which could be established and maintained only by a large expenditure of capital.
Statement 2: England had very little capital for large enterprises.
Select the correct option based on the following statements.
Statement 1: In England, during 19th century, large-scale production was done by using power-driven machinery in big factories, which could be established and maintained only by a large expenditure of capital.
Statement 2: England had very little capital for large enterprises.
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Solution
The correct option is C Statement 1 is correct but Statement 2 is factually incorrect.
Many from the working class worked in factories where large-scale production was done using power-driven machinery. Capital is any investment that is made to buy land or in this case, land and machinery. England had ample capital for large enterprises as a result of capturing a number of colonies overseas. Cheap raw material was sourced from these colonies which contributed to the significantly lower production costs for England.
Many from the working class worked in factories where large-scale production was done using power-driven machinery. Capital is any investment that is made to buy land or in this case, land and machinery. England had ample capital for large enterprises as a result of capturing a number of colonies overseas. Cheap raw material was sourced from these colonies which contributed to the significantly lower production costs for England.
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