One can argue that the average American today is "richer" than the richest American 100 years ago, given that 100 years ago,
a. people's nominal incomes were, on average, much lower than they are today.
b. personal fortunes were not accurately measured.
c. many of the goods and services that we now take for granted were not available.
d. international trade had not yet begun to flourish.
c
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The food processing industry in Richland accounts for 20% of its GDP
Which of the following will happen if firms in this industry become pessimistic about the future demand for their products? Assume that consumption and government expenditure remains unchanged. A) Richland's unemployment rate will fall. B) Richland's interest rate will increase. C) Richland's inflation rate will increase. D) Richland's GDP will fall.
Financial intermediaries are best described as:
a. informal institutions that provide funds to the government to manage budget deficits. b. institutions that accept deposits and make loans. c. institutions that control the money supply in the economy. d. institutions that provide financial aid to foreign countries. e. individuals who manage other's investment portfolios.
A situation in which two people each want some good or service that the other person is able to provide is called a double coincidence of wants
a. True b. False Indicate whether the statement is true or false
A shortage exists
A. at the market clearing price. B. when quantity supplied is less than quantity demanded. C. when quantity supplied is greater than quantity demanded. D. in equilibrium.