How is a nation's standard of living determined?
A) by its productivity
B) by its gross domestic product
C) by its national income
D) by the size of its labour force

Question

Quizplus · Accepted Answer

A nation's standard of living is determined by its productivity, or the amount of goods and services produced per person. This is a better measure than gross domestic product (B) or national income (C) because those measures do not account for population size. The size of the labor force (D) is a factor in productivity, but not the sole determinant of a nation's standard of living.

How Is a Nation's Standard of Living Determined