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Review Test Submission_ Chapter 08

Review Test Submission_ Chapter 08

Q 1.Over the past century, the average household income in the United States 2. Approximately what percentage of families in the U.S. own homes? 3.Question 3 1 out of 1 points What is the relationship between average household income and standard of living? Question 4 1 out of 1 points Economists define economic growth as Question 5 1 out of 1 points Economic growth

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1.has increased in nominal terms but has remained constant in real terms. 2.Selected Answer: 67% 3.Selected Answer: Rising income enables households to acquire more of the goods and services that improve their material standard of living. 4.Selected Answer: the process through which the economy's potential output is increased. 5. I, II, and III