Which of the following is true regarding the per person income of the world during the past 1000 years
a. The world's income per person has approximately doubled during the past 1000 years and most of that growth has occurred since 1900.
b. The world's income per person changed very little during the 800 years prior to 1813, but it has increased by nearly tenfold during the past 200 years.
c. The world's income per person has grown steadily during the past 1000 years.
d. The world's per person income grew at an annual rate of more than 2 percent during 1000-1813, but the annual growth rate has declined as the population increased during the past 200 years.
B
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On-the-job-training is an example of
A) increasing labor force participation. B) investment in human capital. C) investment in physical capital. D) technological change.
What is true of the price elasticity of demand faced by a monopoly firm?
A) Demand is inelastic. B) Demand is more elastic at lower prices and more inelastic at higher prices. C) Demand is perfectly elastic because the monopolist has no competition. D) Demand becomes more elastic as the range of imperfect substitutes expands.
What word describes the money that a business pays for its inputs?
A. Production B. Cost C. Output D. Revenue
Under flexible exchange rates, the exchange rate is set by
A. negotiations among central banks of the major industrial powers. B. the U.S. Federal Reserve's Board of Governors. C. the International Monetary Fund. D. the intersection of demand and supply curves in the currency markets.