The UK Economy: Checkpoint 1

Quick checkpoint - five questions on British industrialisation, the Bank of England, empire, the welfare state and the 1970s.

Question 1 of 5 Which factor helps explain why Britain industrialised first?

Cheap coal and high wages relative to energy costs No trade Low literacy No coal

Labour-saving machines were profitable.

Question 2 of 5 When did the Bank of England gain operational independence?

1694 1946 1997 2020

It sets rates to meet an inflation target.

Question 3 of 5 Who argued Britain drained wealth from India?

Dadabhai Naoroji Adam Smith Margaret Thatcher Walter Bagehot

He pointed to home charges and profits.

Question 4 of 5 How is the NHS mainly funded?

General taxation User fees Private insurance only Donations

It is free at the point of use.

Question 5 of 5 Why did Britain borrow from the IMF in 1976?

High inflation and economic crisis To build railways To fund the empire To join the EU

It was then the IMF's largest loan.

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