Which of the following statements about China's economy before 1949 is INCORRECT?a.The Nationalists government created a coherent monetary and banking system in urban China.b.China was the largest composition of World GDP at the beginning of 19th century.c.From 1860 to 1949, China's economy grew annually from 4 to 10 percent.d.The 8th and 9th centuries were a period of growth and prosperity
Question
Which of the following statements about China's economy before 1949 is INCORRECT?a.The Nationalists government created a coherent monetary and banking system in urban China.b.China was the largest composition of World GDP at the beginning of 19th century.c.From 1860 to 1949, China's economy grew annually from 4 to 10 percent.d.The 8th and 9th centuries were a period of growth and prosperity
Solution
To answer this question, let's analyze each statement:
a. The Nationalists government created a coherent monetary and banking system in urban China.
- This statement is correct. The Nationalist government, in power from 1927 to 1949, did make efforts to modernize the monetary and banking system.
b. China was the largest composition of World GDP at the beginning of the 19th century.
- This statement is correct. According to economic historians, China was the world's largest economy in the early 19th century.
c. From 1860 to 1949, China's economy grew annually from 4 to 10 percent.
- This statement is incorrect. During this period, China's economy was largely agrarian and suffered from wars, civil unrest, and foreign invasions. It did not experience the kind of rapid growth suggested by these figures.
d. The 8th and 9th centuries were a period of growth and prosperity.
- This statement is correct. The Tang Dynasty, which ruled China during the 8th and 9th centuries, is often considered a high point in Chinese civilization, with a large population and a prosperous economy.
Therefore, the incorrect statement is c. From 1860 to 1949, China's economy did not grow annually from 4 to 10 percent.
Similar Questions
Which of the following may NOT be the reason why after 1949 China decided to adopt the system that industrial inputs and output were allocated administratively by a government:Question 7Answera.China adopted the economic system of the Soviet Union, which was seen as being successful at achieving a relatively high rate of economic growth and a modernizing economy.b.The economic growth model used by the Soviet and China in the 1950s assumed that international trade would play only a very minor role in their economies, thus a country must produce all of the goods that it needs or wants.c.Social stability after World War II and the Civil War had provided China with sufficient industrial production capacity.d.In the ruling Chinese Communist Party’s ideology, markets were irrational; and markets in the 1940s were seen as associated with capitalism, imperialism, and colonialism.
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