Which of the following statements is true of economic growth and GDP across the world before 1800?
A) There was sustained growth because whatever improvements in GDP were realized were invested in capital equipment.
B) The income per capita in all countries throughout the world was less than $500 per capita.
C) The income per capita in all countries throughout the world was more than $1,000 per capita.
D) There was a lack of sustained growth because the pace of technological change was slow.
D
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Potential GDP is the level of
A) real GDP that the economy would produce if it was at full employment. B) nominal GDP that the economy would produce if it was at full employment. C) real GDP that the economy would produce if there was no inflation. D) nominal GDP that the economy would produce if there was no inflation. E) real GDP that the economy would produce if there was no unemployment.
In the loanable funds market which of the following is true? a. Borrowers represent supply and government represents demand. b. Borrowers represent supply and banks represent demand
c. Banks represent supply and savers represent demand. d. Savers represent supply and borrowers represent demand.