Asked by Paityn Tiefs on May 15, 2024
Verified
Why are Marilyn and Peter able to buy so much more for their family today than a family in the 1950s would have?
A) because money is worth more now
B) because inflation is lower now than in the 1950s
C) because Marilyn and Peter both work for pay
D) because economic productivity decreased while workers' skills increased
Economic Productivity
measures the efficiency of production in an economy, often calculated as the ratio of output to inputs in the production process.
Inflation
The economic condition characterized by a general increase in prices and fall in the purchasing value of money.
- Appreciate the changes in economic conditions and labor over time and their effects on family purchasing power.
Verified Answer
JS
Jasmin SpringsMay 17, 2024
Final Answer :
C
Explanation :
Marilyn and Peter are able to buy more because both of them work for pay, contributing to a higher household income compared to the typical single-earner household of the 1950s. This dual-income model is more common today and increases purchasing power.
Learning Objectives
- Appreciate the changes in economic conditions and labor over time and their effects on family purchasing power.
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