Productivity is the
A)key determinant of living standards,and growth in productivity is the key determinant of growth in living standards.
B)key determinant of living standards,but growth in productivity is not the key determinant of growth in living standards.
C)not the key determinant of living standards,but growth in productivity is the key determinant of growth in living standards.
D)not the key determinant of living standards,and growth in productivity is not the key determinant of growth in living standards.

Question

Quizplus · Accepted Answer

Productivity is the key determinant of living standards as it is a measure of how efficiently resources are used to produce goods and services. Growth in productivity leads to higher output of goods and services with the same amount of resources, which in turn leads to increased incomes, higher standards of living, and economic growth. Therefore, growth in productivity is the key determinant of growth in living standards.

Productivity Is the