An economy's standard of living grows over the long run because of:
A)better protection of domestic industries from foreign competition.
B)centralized planning and decision making.
C)technological improvements.
D)stringent foreign trade policies.
E)high growth rate of population.

Question

Quizplus · Accepted Answer

Technological improvements lead to increased productivity, which in turn leads to economic growth and a higher standard of living. The other options either do not contribute to long-term economic growth or may even hinder it.

An Economy's Standard of Living Grows Over the Long Run