Which of the Following Is True

question 151

Multiple Choice

Which of the following is true?

• A)Sustained economic growth began in the late 1700s, and it has spread throughout the world.
• B)Sustained economic growth began in the late 1400s, and it has spread throughout the world.
• C)For most of history, there has been no sustained economic growth.
• D)Sustained economic growth has been occurring since the dawn of civilization, and it has spread throughout the world.
• E)Sustained economic growth has always occurred in some countries, but it has spread unevenly.

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Definitions:

Marginal External Cost

Increase in cost imposed externally as one or more firms increase output by one unit.

Socially Optimal Output

The level of production or output that is most beneficial for society as a whole, considering both production costs and externalities.

Market Price

Price prevailing in a competitive market.

Dynamic Inefficiencies

Inefficiencies that occur over time due to factors such as technological changes, market adjustments, or policy shifts, affecting long-term economic performance.