The key factors in raising standards of living in low-income countries have been increases in
A)capital accumulation and the money supply.
B)technology and knowledge.
C)foreign aid and population.
D)income and government ownership of resources.
E)trade restrictions.

Question

Quizplus · Accepted Answer

Technology and knowledge are essential in raising standards of living in low-income countries. With advancements in technology, low-income countries can increase productivity and efficiency, leading to economic growth and higher wages. Additionally, access to knowledge, such as education and training, can improve skills, innovation, and overall development.

Answer: A, D 
 While technology and knowledge are crucial in developing low-income countries, capital accumulation and income are also significant factors. Accumulation of capital, such as investment in infrastructure and machinery, can increase productivity and output. Higher income levels can also lead to increased consumption and overall economic growth. Government ownership of resources can provide stability and control over vital assets, allowing for more significant investment in infrastructure and industry.

The Key Factors in Raising Standards of Living in Low-Income