A Century Ago,life Expectancy in the US Was ______ Years

question 43

Multiple Choice

A century ago,life expectancy in the US was ______ years and currently life expectancy in the US is ______ years.

• A) 20; 60
• B) 30; 70
• C) 50; 80
• D) 50; 70

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Definitions:

Price System

An economic mechanism wherein prices are determined by the interaction of supply and demand, guiding the allocation of resources and distribution of goods and services.

Scarce Goods

Items that are limited in availability relative to the desires or needs of consumers.

Laissez-Faire Economy

Literally from the French: “allow [them] to do.” An economy in which individual people and firms pursue their own self-interest without any central direction or regulation.

Excess Supply

A situation where the quantity of a product offered for sale by producers is greater than the quantity demanded by consumers at a given price.