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Long-Run Growth, Productivity, and Standards of Living
Worksheet
Grade Level
Economics & Financial Literacy
12.30 Long-Run Growth, Productivity, and Standards of Living
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Why might a policy that raises productivity only after several years still be valuable for living standards?
A
Small sustained productivity gains compound into much larger real income gains over time
B
Compounding applies to nominal labels but not real economic output
C
Long-run gains matter only if prices rise faster than output
D
Delayed benefits prove that the policy cannot affect potential output
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