In 1900, the population of _____ had the highest average income level of any country in the world
a. Germany
b. the United States
c. the United Kingdom
d. France
b
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Refer to the table above. If the price of a chair increases to $15, and the rental price of machines is $90 per day, up to how many machines should the firm rent to maximize profits?
A) 1 B) 3 C) 5 D) 6
If a monopolistically competitive firm is producing 50 units of output where marginal cost equals marginal revenue, total cost is $1,674 and total revenue is $2,000, its average profit is
A) $326. B) $40. C) $6.52. D) impossible to determine without additional information.
Which theory best explains the wealth inequalities amongst nations?
A) weather B) government institutions C) natural selection D) factors outside of any human control E) levels of corruption
All of the following are reasonable explanations of the labor productivity speed-up in the United States except
a. labor force quality. b. technological change. c. investment spending. d. research and development.