In the long run, a country's material standard of living is determined by
I.its output relative to its population
II.its income relative to its population
III.the amount of money supply relative to its population
IV.the average level of prices and the average income of its population

Question

Quizplus · Accepted Answer

A country's material standard of living in the long run is determined by its output (goods and services produced) and income relative to its population, as these reflect the real wealth and economic productivity available to its citizens.

In the Long Run, a Country's Material Standard of Living