Multiple Choice

Consider two hypothetical economies over a 50-year period:

  • Economy X: Total production of goods and services grows at an average annual rate of 1.5%, while its population grows at an average annual rate of 2.0%.
  • Economy Y: Total production of goods and services grows at an average annual rate of 2.5%, while its population grows at an average annual rate of 1.5%.

Which of the following statements most accurately contrasts the likely changes in the average person's standard of living in these two economies?

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Updated 2025-07-17

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