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:

Economic Value

The worth of a good or service determined by the market, based on its ability to generate income or its utility to consumers.

Sustainable Competitive Advantage

A unique advantage that a company is able to sustain over time, protecting it from competition and allowing it to maintain higher margins or market share.

High-quality Employees

Workers who display excellence in their performance, reliability, and contribution to the organization.

Critical Functions

Activities considered essential for an organization's survival and continued operation.