The key variable in determining changes in a country's standard of living is the

Question

Quizplus · Accepted Answer

The long-run rate of economic growth, or the increase in an economy's overall production of goods and services over time, is the key variable in determining changes in a country's standard of living. A higher growth rate allows for an increase in wages, higher overall income, and improved living standards. While interest rates, inflation, unemployment, and population growth can all have an impact on an economy, their effects are typically more short-term and less significant in the long run.

The Key Variable in Determining Changes in a Country's Standard