Real GDP per person averaged $150 a year (in 2009 dollars) from 1,000,000 BC until 1620. During this time there was a period when it rose to ________ around ________ because ________
A) $190; 500 BC; of the gains from human capital while Aristotle and Plato were teaching in Athens
B) $210; 1620; the Pilgrim Fathers began to arrive in the Americas
C) a 1-million year high; the 1340s; the Black Death gripped Europe
D) $140; 400 BC; the Roman Empire collapsed
E) $210; 1492; Columbus sailed to the Americas
A
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Gresham's Law states
a. supply creates its own demand b. demand creates its own supply c. MV = PQ d. good money drives out bad e. bad money drives out good
Over the last century, U.S. real GDP per person grew at a rate of about
a. 2 percent per year, so that it is now 2 times as high as it was a century ago. b. 2 percent per year, so that it is now 8 times as high as it was a century ago. c. 4 percent per year, so that it is now 2 times as high as it was a century ago. d. 4 percent per year, so that it is now 8 times as high as it was a century ago.