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31 May 2018
Suppose a country's real GDP increases. At the same time, its population also increases. What happens to its standard of living? Select one:
a. Its standard of living depends on the price level.
b. Its standard of living remains the same.
c. Its standard of living could rise if population growth exceeds output growth.
d. Its standard of living could rise if population growth is smaller than output growth.
Suppose a country's real GDP increases. At the same time, its population also increases. What happens to its standard of living? Select one:
a. Its standard of living depends on the price level.
b. Its standard of living remains the same.
c. Its standard of living could rise if population growth exceeds output growth.
d. Its standard of living could rise if population growth is smaller than output growth.
2 Jun 2021
Related textbook solutions
Related questions
If output grows faster than the population, the average standard of living will
| A. | rise | |
| B. | fall | |
| C. | remain the same | |
| D. | stagnate | |
| E. | rise and then fall |
