Gordon states that ________ caused the substantial increase in the standard of living in South Korea relative to that of the Philippines during the period 1960-2008.
A) lower unemployment rates
B) higher inflation rates
C) higher rate of growth in per capita real GDP.
D) All of the above

Question

Quizplus · Accepted Answer

The higher rate of growth in per capita real GDP is the main factor responsible for the substantial increase in the standard of living in South Korea relative to that of the Philippines during the period 1960-2008. Lower unemployment rates and higher inflation rates may have some impact, but they are not the primary drivers of the difference in standard of living between the two countries.

Gordon States That ________ Caused the Substantial Increase in the Standard