One Can Argue That the Average American Today Is "Richer

question 15

Multiple Choice

One can argue that the average American today is "richer" than the richest American 100 years ago,given that 100 years ago,

• A)people's nominal incomes were,on average,much lower than they are today.
• B)personal fortunes were not accurately measured.
• C)many of the goods and services that we now take for granted were not available.
• D)international trade had not yet begun to flourish.

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Definitions:

Standard Deviation

A statistic that quantifies the spread or dispersion of a distribution, indicating the average distance from the mean for data points.

Confidence Interval

A span of values, acquired through sample analysis, that is presumed to enclose the value of an undetermined population attribute.

Functioning Time

The duration or period during which a system, device, or component operates effectively.

Standard Deviation

A gauging of the extent of deviation or scattering among a group of figures.