For a Given Level of Technology, a Higher Rate of Economic

question 113

Multiple Choice

For a given level of technology, a higher rate of economic growth can probably be achieved only if a country's citizens are prepared to

• A) accept lower real wages today in exchange for higher real wages in the future.
• B) work longer hours.
• C) increase their demand for goods and services.
• D) sacrifice some present consumption.

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Definitions:

Developed Countries

Nations with high levels of industrialization, a high standard of living, and developed infrastructure.

Industrialization

The process by which an economy is transformed from primarily agricultural to one based on the manufacturing of goods, involving increased mechanization.

Per Capita GDP

A measure of the economic output of a nation per individual, calculated by dividing the country's gross domestic product by its total population.