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Which of the following explains why modern Americans enjoy a higher standard of living than Americans 100 years ago? Market failures are nonexistent. O There has been economic growth in our society. O Americans have prospered and earned more money due to a complete lack of recessions. O The invisible hand has guided all nations around the world to this prosperity In which field do researchers focus on investigating the phenomena described? O Economics Sociology O Political Science O Business
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Answer #1

American enjoy a higher standard of living

Option B. There has been economic growth in our society.

With the economic growth the efficiency increased which improved our standard of living.

This phenomena is described in

A. Economics.

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