Asked by
Priyanka Yadav
on Nov 11, 2024Verified
In order for society to have a rising standard of living,output must grow:
A) at a slower rate than the labor force.
B) at the same rate as the population.
C) faster than the population.
D) at a slower rate than the population.
E) at a slower rate than infrastructure.
Standard Of Living
This term defines the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.
Labor Force
The labor force comprises all the working-age population that is either employed or actively seeking employment.
Output
The total amount of goods and services produced by an economy over a specific time period.
- Comprehend the relationship between GDP growth, population increase, and the standard of living.
Verified Answer
DC
Learning Objectives
- Comprehend the relationship between GDP growth, population increase, and the standard of living.