Which of the Following Statements Best Describes the Average Standard

question 68

Multiple Choice

Which of the following statements best describes the average standard of living for much of human history,prior to the Industrial Revolution?

• A) There were no rich people; everyone earned the same income.
• B) Average income around the world was basically unchanged for centuries.
• C) Total income around the world was basically unchanged for centuries.
• D) There were no class differences across nations.
• E) The vast majority of people were wealthy,with only a few earning subsistence wages.

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Definitions:

Regression Formula

An equation that describes the statistical relationship between one or more predictor variables and the response variable.

Slope

The measure of the steepness or incline of a line, defined as the ratio of the vertical change to the horizontal change between two points on the line.

Regression Formula

A mathematical equation used in statistical analysis to predict the value of a dependent variable based on the value(s) of one or more independent variables.

Predicted Income

An estimate of the amount of money an individual, business, or organization is expected to receive over a specific period.