Which of the following is true of the per person income of the West (Western Europe and its offshoots of the United States, Canada, Australia, and New Zealand)
a. It has increased each century and grown steadily since 1500.
b. It is now approximately 20 times greater than the figure of 200 years ago.
c. It rose steadily between 1000 and 1800, but income growth has slowed during the past 200 years.
d. While income per person has increased since 1800, there has been little change in life expectancy and other indicators of quality of life during this time period.
B
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In 1913, Congress and the President did not envision that the Fed would control
A) the money supply. B) discount loans. C) lender-of-last-resort activity. D) broad control over most aspects of money and the banking system.
An increase in the money supply will cause an increase in which of the following variables?
A) output B) investment C) consumption D) all of the above E) none of the above