Why Might the Last Century Be Considered the Most Prosperous

question 3

Multiple Choice

Why might the last century be considered the most prosperous time in world history?

• A)The richest one percent of the world's population owns only half of the global wealth.
• B)Only 10 percent of the world's population lives on less than $2 a day.
• C)There have been dramatic improvements in living standards globally.
• D)The United Nations has maintained world peace and stability since it was created in 1945.

---

Definitions:

Variable Costs

Costs that vary directly with the level of production or volume of output, as opposed to fixed costs, which remain constant regardless of production levels.

Price

The amount of money required to purchase a good or service.

Income Statement

A financial statement that shows profits or losses at one point in time.

Profitability

The ability of a business to earn a profit, calculated as the difference between its revenue and expenses.