Developed Countries' Average Incomes Rose from About __________ in 1700

question 15

Multiple Choice

Developed countries' average incomes rose from about __________ in 1700 to about __________ today.

• A)$100;$30,000
• B)$2,500;$70,000
• C)$500;$70,000
• D)$500;$30,000
• E)$500;$100,000

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Definitions:

Wages and Prices

Refers to the levels of remuneration for labor and the cost of goods and services in an economy, respectively, which can influence each other.

Price Level

A gauge for the typical costs of goods and services across the economy.

Tax Rate

The tax rate is the percentage at which an individual or corporation is taxed, which can vary based on income level, type of income, or value of goods and services.

Inflation Rate

The rate of increase in prices across a broad spectrum of goods and services, resulting in reduced purchasing power.