The term "productivity"
A)means the same thing as "efficiency."
B)is seldom used by economists,as its meaning is not precise.
C)refers to the quantity of goods and services produced from each unit of labor input.
D)refers to the variety of goods and services from which households can choose when they shop.

Question

Quizplus · Accepted Answer

Productivity refers to the amount of output per unit of input. In this case, it refers to the quantity of goods and services produced for each unit of labor input. This is an important concept in economics as it has a significant impact on a country's economic growth and standard of living.

The Term "Productivity