In the long run,a country will experience an increasing standard of living only if it experiences
A)a high rate of consumption.
B)continuous technological change.
C)a high rate of labor force growth.
D)a slow rate of population growth.

Question

Quizplus · Accepted Answer

Continuous technological change leads to increased productivity and efficiency in the economy, allowing for higher economic growth and an increasing standard of living over time. High consumption may initially boost economic growth but can lead to unsustainable levels of debt and environmental degradation. A high rate of labor force growth may lead to short-term economic growth, but it can also lead to a decrease in the quality of labor and wage stagnation. A slow rate of population growth may provide some benefits, but without technological change and productivity growth, it may not be enough to sustain long-term economic growth and an increasing standard of living.

In the Long Run,a Country Will Experience an Increasing Standard