The only way the standard of living of the average person in a country can increase is if ________ increases faster than ________.

Question

Quizplus · Accepted Answer

In order for the standard of living to increase, production needs to increase at a faster rate than population. If population increases faster, it can lead to a decrease in resources per person and a decrease in the overall standard of living. However, if production increases at a faster rate, there will be more resources available per person and an increase in the overall standard of living.

The Only Way the Standard of Living of the Average