IDNLearn.com provides a comprehensive solution for all your question and answer needs. Ask your questions and receive detailed and reliable answers from our experienced and knowledgeable community members.
For living standards to rise, what must occur?
Nominal GDP must grow faster than the population.
Output must grow faster than the population.
The capital stock must grow faster than the population.
The labor force must grow faster than the population.
Since living standards depend on how much is produced and how many people will share the output, the answer is output must grow faster than the population
We are delighted to have you as part of our community. Keep asking, answering, and sharing your insights. Together, we can create a valuable knowledge resource. Thank you for visiting IDNLearn.com. We’re here to provide accurate and reliable answers, so visit us again soon.
