Final answer:
The statement that the Pax Romana led to 'an improved standard of living for the wealthy only' is inaccurate. A substantial middle class enjoyed a higher standard of living as well, despite significant wealth inequality.
Step-by-step explanation:
During the Pax Romana, the Roman economy exhibited several characteristics, but one element that did not apply was 'an improved standard of living for the wealthy only'. The economy was based on a growing agricultural demand due to expanding cities, relatively easy travel and communications, and the opening of new lands to agriculture. While the wealthy certainly benefited greatly, reports indicate there was a substantial middle class that also enjoyed a relatively high standard of living. This period was marked by specialized craftsmen and a market for high-quality goods, contributing to a more widespread prosperity, although still not comparable to modern economic systems and rife with inequality.