In the Long Run, a Country Will Experience an Increasing

question 33

Multiple Choice

In the long run, a country will experience an increasing standard of living only if it experiences:

• A)a high rate of consumption.
• B)continuous technological change.
• C)a high rate of labour force growth.
• D)a slow rate of population growth.

---

Definitions:

Risk-free Ventures

Investments that are assumed to have no risk of financial loss.

Scarcity

A fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.

Decision-making Processes

The steps involved in choosing among alternatives to address a problem or capitalize on an opportunity.

Capitalism

An economic system characterized by private or corporate ownership of capital goods, investments dictated by private decision, and prices, production, and the distribution of goods determined mainly by competition in a free market.