Which of the following statements is most accurate about modern economic growth?
A) Economic historians mark modern economic growth as beginning around A.D. 1500.
B) Modern economic growth is characterized by sustained and ongoing increases in living standards.
C) Modern economic growth has virtually eliminated business cycle ﬂuctuations.
D) Modern economic growth has been distributed more or less equally across nations.

Question

Quizplus · Accepted Answer

Modern economic growth is characterized by sustained and ongoing increases in living standards. While economic growth has been unevenly distributed across nations, it has led to a general improvement in standard of living for a significant portion of the global population. Business cycle fluctuations still occur, even in developed economies, making option C false. Economic historians typically mark the beginning of modern economic growth as occurring around the Industrial Revolution in the late 18th and early 19th century, making option A false as well.

Which of the Following Statements Is Most Accurate About Modern