Final answer:
The average income of U.S. citizens in inflation-adjusted terms around 1800 was approximately $400. This historical economic metric reflects a profound change compared to the median household incomes of the 21st century which underscore ongoing income inequalities.
Step-by-step explanation:
The question asks about the inflation-adjusted average income of U.S. citizens in the year 1800. According to the information given, the GDP (nominal) per capita in U.S. dollars between 0-455 aligns with that time period. Given these historical income brackets, the closest estimate for the average income in inflation-adjusted terms around the year 1800 would be $400, which correlates with option (b).
Understanding this average income and comparing it to modern figures helps illustrate the considerable income inequalities that exist within labor markets over time. In 2020, the median American household income was $67,521, highlighting a significant rise in income levels due to various economic factors and inflation. However, these average and median income figures do not tell the full story of income distribution, as many families still face challenges meeting basic needs with their annual incomes.