The most important factor in determining a nation's standard of living in the long run is the productivity of its resources.

Question

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The productivity of a nation's resources determines the level of output it can produce, which ultimately determines its standard of living in the long run. This includes factors such as natural resources, human capital, technology, infrastructure, and institutions that support economic growth. A high level of productivity ensures that resources are being used efficiently, leading to higher outputs and more wealth creation, which can enhance the quality of life of citizens.

The Most Important Factor in Determining a Nation's Standard of Living