What should a nation do to achieve a high standard of living?

Question

Quizplus · Accepted Answer

Promoting economic growth is the best choice to achieve a high standard of living. Economic growth leads to an increase in employment opportunities, higher wages, and more disposable income for individuals. This, in turn, leads to an increase in consumption, investment, and government revenue, which can be used for social welfare programs, infrastructure development, and other public goods that boost the standard of living. Increasing tax deductions for child dependents or increasing welfare payments to the poor may provide temporary relief but will not lead to sustained economic growth. Using less capital and more labor may reduce costs, but it may not necessarily lead to an increase in the standard of living.

What Should a Nation Do to Achieve a High Standard