Increases in Real GDP Since 1900 Can Actually Underestimate Growth

question 187

Multiple Choice

Increases in real GDP since 1900 can actually underestimate growth in the standard of living for Americans since 1900 because

• A)the level of pollution in 1900 was much higher than it is today.
• B)the crime rate was higher in 1900 than it is today.
• C)goods and services are more expensive today as compared to 1900.
• D)the quality of health care that exists today was not available in 1900.

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Definitions:

Finance Leases

A type of lease where the lessee has use of the asset for most of its useful life and the lease payments are designed to cover the full cost of the asset, along with interest.

Truth In Lending Act

A U.S. federal law designed to promote informed use of consumer credit by requiring disclosures about its terms and cost.

Sales Contract

A legal agreement between a buyer and seller detailing the terms and conditions of a sale of goods or services.

Intent Of The Parties

The actual and mutual intention of all parties involved in a contract or legal agreement, often used to interpret or enforce the agreement.