The process by which productivity raises the average standard of living is referred to as
A) long-run economic growth.
B) labour productivity.
C) population growth analysis.
D) the economic prosperity hypothesis.

Question

Quizplus · Accepted Answer

Long-run economic growth is the process by which productivity increases over time, resulting in higher output and income, which leads to an increase in the average standard of living. This process is driven by technological progress, improvements in human capital, and increases in physical capital.

The Process by Which Productivity Raises the Average Standard of Living