In the long run,what is the most important source of increase in a nation's standard of living?

Question

Quizplus · Accepted Answer

A high rate of economic growth is the most important source of increase in a nation's standard of living because it leads to an increase in the production of goods and services, which in turn leads to higher incomes, greater employment opportunities, and improved quality of life. A higher rate of economic growth also allows a country to invest in infrastructure, education, and research and development, which can further promote growth and improve living standards. A high rate of consumption can lead to short-term economic growth, but it is not sustainable in the long term. A zero rate of population growth or a high rate of labour force growth may have some positive effects on the economy, but they are not as important as economic growth in determining a nation's standard of living.

In the Long Run,what Is the Most Important Source of Increase