Is it possible to see gains in a nation's real standard of living without any positive economic growth?
A) No. Without economic growth a nation's standard of living cannot improve.
B) Yes, but only if the government prints more money so people feel wealthier.
C) Yes. If workers can produce the same level of output in fewer work hours, leisure time gains could push up the real standard of living.
D) None of the above.

Question

Quizplus · Accepted Answer

If workers can produce the same level of output in fewer work hours, leisure time gains could push up the real standard of living. Technological advancements and improvements in efficiency may also lead to a real increase in the standard of living without economic growth. Option A is incorrect because economic growth is not the only determinant of real standard of living. Option B is incorrect because printing more money leads to inflation, negating any positive effects on the real standard of living.

Is It Possible to See Gains in a Nation's Real