Improvements in a country's standard of living are brought about in the long run by
A) immigration policy.
B) technological progress.
C) taxes.
D) growth in the population.
E) constructing more machines and buildings.

Question

Quizplus · Accepted Answer

Technological progress leads to increases in productivity and efficiency, which in turn leads to higher levels of income and higher standards of living. Immigrants can contribute to economic growth, but immigration policy alone cannot sustain long-term improvements in standard of living. Taxes and population growth can have both positive and negative impacts on standard of living, but they are not essential factors for long-term improvements. Constructing more machines and buildings may lead to short-term economic growth, but it is not a sustainable solution for long-term improvements in standard of living.

Improvements in a Country's Standard of Living Are Brought About