Countries That Have Experienced Sustained Increases in Their Standard of Living

question 15

Multiple Choice

Countries that have experienced sustained increases in their standard of living have achieved them because of

• A) higher rates of saving and investment.
• B) higher rates of population growth.
• C) sustained technological change.
• D) All of the above are correct.

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Definitions:

Mainstream Economics

The body of economic thought and analysis that is widely accepted and taught across major universities, focusing largely on microeconomics and macroeconomics theories.

Great Depression

A severe worldwide economic depression that took place mostly during the 1930s, starting in the United States.

John Maynard Keynes

A British economist whose ideas fundamentally changed the theory and practice of macroeconomics and economic policies of governments.

Classical Economists

Early economists, such as Adam Smith and David Ricardo, who focused on the role of free markets in promoting economic growth and efficiency.