Two Striking Features of a Graph of U

question 38

Multiple Choice

Two striking features of a graph of U.S. real GDP per capita over the twentieth century are the:

• A)overall upward trend interrupted by a large downturn in the 1930s.
• B)nearly constant level with a large downturn in the 1930s.
• C)downward trend in the first half of the century followed by the upward trend in the second half.
• D)constant level in the first half of the century followed by the upward trend in the second half.

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Definitions:

Nonlabor Income

Income received that does not come from working, such as interest from savings, dividends from investments, or government benefits.

Leisure

Free time spent away from work and compulsory activities, often devoted to relaxation, hobbies, and personal enjoyment.

Wage Rate

The amount of compensation an employee receives in exchange for performing a specific job, typically expressed per hour or year.

Endowment

The value that a property generates for its owner; in economics, it often refers to the initial allocation of goods and resources available to individuals.