Higher standards of living are associated with

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Quizplus · Accepted Answer

Greater economic freedom allows for competition and innovation, attracting investment and creating more opportunities for businesses and individuals. This leads to a more efficient allocation of resources, higher productivity, and ultimately, higher standards of living. A closed economy with a centralized industrial policy, a high ratio of government spending to GDP, and tightly regulated labor and capital markets can stifle competition and innovation, leading to slower economic growth and lower standards of living.

Higher Standards of Living Are Associated with