To move up the income ladder and achieve high-income status, countries must
A) have sustained economic growth.
B) restrict international trade.
C) encourage the production of consumption goods rather than investment goods.
D) maintain high inflation.

Question

Quizplus · Accepted Answer

Sustained economic growth is necessary for a country to increase its income level and achieve high-income status. This can be achieved through policies such as investment in education, infrastructure, and technology, promoting competition, and encouraging entrepreneurship. Restricting international trade, producing more consumption goods, and maintaining high inflation are not effective strategies for achieving high-income status.

To Move Up the Income Ladder and Achieve High-Income Status