In the Long Run,a Country Will Experience an Increasing Standard

question 45

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 labor force growth.
• D)a slow rate of population growth.

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Definitions:

Consumption Level

The total amount of goods and services that an individual or group consumes over a specific period.

Technological Improvement

Innovations and advancements in technology that enhance productivity, efficiency, and quality of goods and services.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two goods, given a set of inputs, representing the trade-offs in production choices.

Economic Questions

Fundamental questions that societies address regarding allocation of resources and distribution of goods and services; typically includes "what to produce," "how to produce," and "for whom to produce."