Comparing Societies in History and Around the World, We See

question 68

Multiple Choice

Comparing societies in history and around the world, we see that social stratification may involve differences in:

• A) what is unequal.
• B) how unequal people are.
• C) why people are unequal.
• D) All of the above are correct.

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Definitions:

Aggregate Demand

This is the total demand for all goods and services within an economy at a given overall price level and in a given time period.

Potential Output

The highest level of real GDP that an economy can achieve when using its resources fully and efficiently, without causing inflation.

Nominal Wages

The amount of money paid to workers before considering the effects of inflation on purchasing power.

Price Level

A measure of the average level of prices of goods and services in the economy at a specific time.