World Economic Growth, as Measured by Increases in Real Per-Capita

question 14

Multiple Choice

World economic growth, as measured by increases in real per-capita GDP, exceeded 2% during the period

• A)1300-1750
• B)1750-1860
• C)1865-1929
• D)1946-1980

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Definitions:

Economic Profit

The difference between the total revenues received by a business and the total opportunity costs of all resources used in the production.

Accounting Profit

The net income of a business as calculated by subtracting total expenses from total revenues, according to standard accounting practices.

Savings

Money that is not spent and is set aside for future use, often in a bank account or other financial instrument.

Financial Statements

Official records that detail the financial activities and condition of a business or individual, including the balance sheet, income statement, and cash flow statement.