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What is the main determinant of a country's standard of living, according to economists?
- a)Natural resources
- b)Population size
- c)Level of education and human capital
- d)Government policies
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
What is the main determinant of a countrys standard of living, accordi...
Economists believe that the level of education and human capital of a country's population is a crucial determinant of its standard of living. Skilled and educated workers are more productive, leading to higher economic output.
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What is the main determinant of a countrys standard of living, accordi...
Level of education and human capital
The main determinant of a country's standard of living, according to economists, is the level of education and human capital within the population. Here's why:
Education:
- Education plays a crucial role in determining a country's standard of living as it helps individuals acquire the necessary skills and knowledge to participate in the workforce.
- A well-educated population is more likely to be productive, innovative, and adaptable to changes in the economy, leading to higher levels of economic growth and overall prosperity.
Human capital:
- Human capital refers to the skills, knowledge, and experience possessed by individuals in a society.
- Countries with a high level of human capital tend to have a more skilled and productive workforce, which can lead to higher levels of income and a better standard of living.
- Investing in human capital through education and training programs can help improve productivity, increase wages, and reduce poverty levels in a country.
Overall, the level of education and human capital in a country are essential factors that can significantly impact its standard of living. By investing in education and developing human capital, countries can improve economic growth, increase prosperity, and enhance the well-being of their citizens.
The main determinant of a country's standard of living, according to economists, is the level of education and human capital within the population. Here's why:
Education:
- Education plays a crucial role in determining a country's standard of living as it helps individuals acquire the necessary skills and knowledge to participate in the workforce.
- A well-educated population is more likely to be productive, innovative, and adaptable to changes in the economy, leading to higher levels of economic growth and overall prosperity.
Human capital:
- Human capital refers to the skills, knowledge, and experience possessed by individuals in a society.
- Countries with a high level of human capital tend to have a more skilled and productive workforce, which can lead to higher levels of income and a better standard of living.
- Investing in human capital through education and training programs can help improve productivity, increase wages, and reduce poverty levels in a country.
Overall, the level of education and human capital in a country are essential factors that can significantly impact its standard of living. By investing in education and developing human capital, countries can improve economic growth, increase prosperity, and enhance the well-being of their citizens.
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What is the main determinant of a countrys standard of living, according to economists?a)Natural resourcesb)Population sizec)Level of education and human capitald)Government policiesCorrect answer is option 'C'. Can you explain this answer?
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What is the main determinant of a countrys standard of living, according to economists?a)Natural resourcesb)Population sizec)Level of education and human capitald)Government policiesCorrect answer is option 'C'. Can you explain this answer? for SSC MTS / SSC GD 2025 is part of SSC MTS / SSC GD preparation. The Question and answers have been prepared according to the SSC MTS / SSC GD exam syllabus. Information about What is the main determinant of a countrys standard of living, according to economists?a)Natural resourcesb)Population sizec)Level of education and human capitald)Government policiesCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for SSC MTS / SSC GD 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the main determinant of a countrys standard of living, according to economists?a)Natural resourcesb)Population sizec)Level of education and human capitald)Government policiesCorrect answer is option 'C'. Can you explain this answer?.
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