According to Hughes and Cain (2011), American economic history is ...

[jjjetplane]

According to Hughes and Cain (2011), American economic history is the story of economic growth. Economic growth
 
  (a) necessarily means an improvement in the quality of life for all individuals.
  (b) does not necessarily measure an improvement in the quality of life; it merely indicates the potential for improvement.
  (c) as conventionally measured considers an employed person living in the pollution and congestion of modern Tokyo to be worse off than a sun-tanned artist watching another glorious sunset on the beach in Tahiti.
  (d) is measured by the increases in total output of goods and services less any environmental destruction that occurs in the process of production.

Question 2

During the 19151919 fiscal years, income tax revenues comprised approximately 53 of total federal revenues. Today, over 80 of total tax revenues are raised through income taxes.
 
  Indicate whether the statement is true or false

[taylorsonier]

Answer to Question 1

(b)

Answer to Question 2

False (Income taxes account for less than 50 percent in total tax revenue today. Other contemporary revenue streams include social insurance receipts, corporate income taxes, excise taxes and other taxes.)