What Happened to the Gross National Product from 1870 to 1920

question 4

Multiple Choice

What happened to the gross national product from 1870 to 1920?

• A) It was cut in half, from $50 billion to $25 billion.
• B) It increased roughly tenfold, to more than $90 billion.
• C) It increased to $91.5 million.
• D) It decreased to $50 million.
• E) In 1920s dollars, the economy almost doubled.

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Definitions:

Satisficing

A strategy in decision-making that focuses on achieving an acceptable or sufficient outcome, as opposed to the best possible solution.

Decision-Making Techniques

Methods or procedures applied to make choices among alternatives aimed at solving problems or achieving objectives.

Organizational Standards

Established benchmarks of quality or expectations for behavior and operations within an organization.

Escalating Commitment

The phenomenon where individuals or organizations continue to invest time, money, or resources into a failing course of action due to previously invested effort.