Which of the Following Is Correct

question 3

Multiple Choice

Which of the following is correct?

• A)Over the last 100 years Japan had a higher average growth rate than the United States.It follows that,today,the standard of living in Japan is higher than in the United States.
• B)The typical person in Bangladesh today has about twice the real income of a typical American 100 years ago.
• C)The typical citizen of China today has about one-half as much real income as the typical citizen of America today.
• D)None of the above is correct.

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Definitions:

Raw Materials

Basic materials from which products are made, typically extracted from natural resources.

Equilibrium Price Level

The equilibrium price level is the market state where the quantity of goods supplied is equal to the quantity of goods demanded, often considered the ideal balance for market transactions.

Real GDP

The measure of the value of all final goods and services produced within a country in a given period, adjusted for inflation.

Real Wage

The purchasing power of wages, considering the effects of inflation on what can actually be bought with those wages.