A nation's standard of living is determined by

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Quizplus · Accepted Answer

A nation's standard of living is determined by its productivity, which is the amount of goods and services produced by its workers and resources. This is because productivity affects the level of income of individuals and the aggregate output of the economy. Gross domestic product (GDP) and national income are important indicators of a country's economic performance, but they are ultimately driven by productivity. How much a country has relative to others is not a determinant of its standard of living, as it depends on a variety of factors such as population size, natural resources, and institutions.

A Nation's Standard of Living Is Determined by