"The most important factor in determining a nation's standard of living in the long run is the openness of its economy."

Name: "The most important factor in determining a nation's standard of living in the long run is the openness of its economy."
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Question

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The most important factor in determining a nation's standard of living in the long run is its productivity, which is influenced by factors such as technology, education, and capital. Openness can contribute to growth but is not the sole determinant.

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