Technology and Economic Growth Quick Check

Question

4 of 54 of 5 Items
Question
Which of the following will likely lead to an increase in the standard of living for American consumers?(1 point)
Responses

increasing consumption of goods and services
increasing consumption of goods and services

discovering an inexpensive way to make steel
discovering an inexpensive way to make steel

pursuing more difficult jobs than residents of other countries
pursuing more difficult jobs than residents of other countries

working longer hours than the rest of the world

Answer 1

The response that will likely lead to an increase in the standard of living for American consumers is:

discovering an inexpensive way to make steel

This option suggests an improvement in production efficiency, which can lead to lower prices for goods made with steel and potentially better quality products, thereby increasing the overall standard of living.