The key determinant of the standard of living in a country is

Question

a. the total amount of goods and services produced within the country.
b. its growth rate of real GDP.
c. the total amount of its physical capital.
d. the amount of goods and services produced from each hour of a worker's time.

Answer 1

The key determinant of the standard of living in a country is:

d. the amount of goods and services produced from each hour of a worker's time.

This measure is often referred to as labor productivity, and it reflects how efficiently labor is utilized to produce goods and services. Higher productivity typically leads to higher incomes and a better standard of living.