Is It Possible to See Gains in a Nation's Real

question 190

Multiple Choice

Is it possible to see gains in a nation's real standard of living without any positive economic growth?

• A) No. Without economic growth a nation's standard of living cannot improve.
• B) Yes, but only if the government prints more money so people feel wealthier.
• C) Yes. If workers can produce the same level of output in fewer work hours, leisure time gains could push up the real standard of living.
• D) None of the above.

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Definitions:

Manifest Consent

Clearly and unmistakably expressed agreement or approval to an action or proposal.

Authorized Act

An action that has been officially approved or sanctioned by the proper authority.

Express Authority

The clear, direct authority granted by a principal to an agent, specifically outlined in their agreement.

Actual Authority

An agent’s ability to affect the principal’s legal relations. Consent must be communicated to the agent.