The Key Determinant of the Standard of Living in a Country

question 28

Multiple Choice

The key determinant of the standard of living in a country is

• A)the amount of goods and services produced from each hour of a worker's time.
• B)the total amount of goods and services produced within the country.
• C)the total amount of its physical capital.
• D)its growth rate of real GDP.

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Definitions:

Incremental Mind-Set

The belief that personal attributes, such as intelligence or talent, can be developed or improved over time through effort and perseverance.

Learning-Oriented Goals

The aims or objectives set to acquire new skills or knowledge, focusing on the process of learning rather than the end result.

Ability-Based Attributions

Attributing someone's behavior or performance to their inherent capabilities or skills rather than external factors.

Correspondent Inference

A theory suggesting that people infer a correspondent disposition or personality trait from an observed behavior that is freely chosen and leads to distinctive results.