What is the primary determinant of a country's standard of living?
A) the ability to reduce foreign competition
B) the ability to produce goods and services
C) the total supply of money in the economy
D) the average age of the country's labour force

Question

Quizplus · Accepted Answer

The ability to produce goods and services is the primary determinant of a country's standard of living. This is because the more a country can produce, the more it can sell and earn money from. This, in turn, leads to more jobs, higher wages, and an overall improvement in the standard of living for the citizens of the country.

What Is the Primary Determinant of a Country's Standard of Living