Which of the following statements accurately reflects research findings on the distribution of colonial wealth?
a. The poorest 20 percent of colonist controlled nearly 20 percent of colonial wealth.
b. Distributional inequality tended to be greater in rural areas than in cities, particularly in New England.
c. Colonial wealth was distributed more unequally in the Middle colonies than in the South or New England.
d. The opportunity for income mobility was probably greater in the colonies than in England.
d. The opportunity for income mobility was probably greater in the colonies than in England.
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To measure economic welfare, one needs only to measure real GDP
Indicate whether the statement is true or false
Entry drives economic profits to zero
Indicate whether the statement is true or false
Every unit of good x that is produced in the United States is exported to other countries. An increase in the price of good x shows up
a. in the consumer price index and in the GDP deflator. b. in the consumer price index, but not in the GDP deflator. c. in the GDP deflator, but not in the consumer price index. d. in neither the consumer price index nor in the GDP deflator.
The purchasing power parity theory claims that a change in relative ________ between two countries must cause a change in ________ in order to keep the prices of goods in two countries fairly similar.
A) exchange rates; inflation B) inflation; exchange rates C) interest rates; inflation D) interest rates; exchange rates