Asked by

Mansur Amirxanov
on Nov 11, 2024

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An economy's standard of living grows over the long run because of:

A) better protection of domestic industries from foreign competition.
B) centralized planning and decision making.
C) technological improvements.
D) stringent foreign trade policies.
E) high growth rate of population.

Standard of Living

A level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class in a certain geographic area.

Technological Improvements

Advances in technology that enhance productivity, efficiency, or quality in goods and services.

Long Run

In economics, the Long Run is a period during which all factors of production and costs are variable, allowing for full industry adjustment to changes.

  • Examine the role of technology in enhancing labor productivity and its implications for the production function.
  • Acquire insights into how capital deepening influences economic development.
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Joshua DixonNov 14, 2024
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