ECON 1010 Final: Final Exam Study Guide

Explain Principle 8: A Country's Standard of Living Depends on Its Ability to Produce Goods and Services

Almost all variation in living standards is attributable to differences in countries'
a. population growth rates.
b. productivity.
c. systems of public education.
d. taxes.

Which of the Ten Principles of Economics does welfare economics explain more fully?

a. The cost of something is what you give up to get it.

b.Markets are usually a good way to organize economic activity.

c.Trade can make everyone better off.

d.A country’s standard of living depends on its ability to produce goods and services.