In the Twentieth Century, __________ Replaced the Nineteenth Century's ____________-Based

question 46

Multiple Choice

In the twentieth century, __________ replaced the nineteenth century's ____________-based economy.

• A)trains; car
• B)consumer goods; agriculture
• C)farming; industrial
• D)wartime manufacturing; industrial
• E)money management; advertising

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Definitions:

Total Resource Cost

The overall expenses incurred in the production of goods or services, including raw materials, labor, and overhead costs.

Real Wages

Wages that have been adjusted for inflation, reflecting the actual purchasing power of income earned by workers.

Industrially Advanced Nations

Countries with highly developed economies, significant industrial production, and advanced technological infrastructure.

Long-run Trend

The long-run trend refers to the general pattern or direction that an economic variable, such as GDP growth or the unemployment rate, follows over a prolonged period, smoothing out short-term fluctuations.