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SSC CGL 2019 PYQ — Question 47

SSC CGL - 11th June 2019 - Shift 2 • General Awareness • Q47

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As per Mankiw's Principles of Economics, the standard of living of a country depends on the country's ______.

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Correct answer: A

Explanation

The correct answer is option 1 i.e. ability to produce goods and services

As per Mankiw's Principles of Economics, the standard of living of a country depends on the country's ______.

ability to produce goods and services

Mankiw's Principles: 

Gregory Mankiw in his Principles of Economics outlines Ten Principles of Economics that we will replicate here, they are:

  1. People face trade-offs.
  2. The cost of something is what you give up to get it.
  3. Rational people think at the margin.
  4. People respond to incentives.
  5. Trade can make everyone better off.
  6. Markets are usually a good way to organize economic activity.
  7. Governments can sometimes improve market outcomes.
  8. A country's standard of living depends on its ability to produce goods and services.
  9. Prices rise when the government prints too much money.
  10. Society faces a short-run tradeoff between Inflation and unemployment.