When Did People in the Industrialized World FIRST Offer Pensions

question 35

Multiple Choice

When did people in the industrialized world FIRST offer pensions for retirees?

• A) 1750
• B) 1800
• C) 1850
• D) 1900

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Definitions:

Real GDP

Real Gross Domestic Product measures the value of all final goods and services produced within a country's borders in a specific time period, adjusted for inflation.

Equation of Exchange

An economic formula representing the relationship between the money supply, its velocity, the price level, and the volume of transactions in an economy.

Money Supply

The collected amount of financial resources in an economy at a pointed-out time.

Velocity of Money

The speed at which money circulates from one transaction to another, and the frequency at which a single unit of currency is utilized within a specific timeframe.