Which of the following is the single most important determinant of a nation's standard of living in the long run?
A) high economic growth rates
B) developing a market economy of conscious design
C) higher prices for the necessities of life
D) productivity of its resources
E) developing agricultural self-sufficiency

Question

Quizplus · Accepted Answer

The productivity of a nation's resources is the single most important determinant of its standard of living in the long run. This is because productivity determines the level of output that a nation can produce with its resources, which in turn determines its level of income and standard of living. High economic growth rates, developing a market economy, higher prices for necessities, and agricultural self-sufficiency can all contribute to a nation's standard of living, but ultimately the productivity of its resources is the most important factor.

Which of the Following Is the Single Most Important Determinant