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Which of the following will likely lead to an increase in the standard of living for American consumers?(1 point)
working longer hours than the rest of the world
increasing consumption of goods and services
discovering an inexpensive way to make steel
pursuing more difficult jobs than residents of other countries
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Discovering an inexpensive way to make steel.
Reason: Lower-cost production raises productivity and output, reduces prices, and increases real income and consumption possibilities—directly improving consumers' standard of living. The other options either don't increase real output (more consumption) or have ambiguous/sustainable effects (longer hours or harder jobs).
Reason: Lower-cost production raises productivity and output, reduces prices, and increases real income and consumption possibilities—directly improving consumers' standard of living. The other options either don't increase real output (more consumption) or have ambiguous/sustainable effects (longer hours or harder jobs).
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