Ultimately, productivity growth is the major determinant of a country's standard of living

Question

Quizplus · Accepted Answer

Productivity growth refers to the increase in output that can be achieved with the same amount of input, and it is a crucial factor in economic growth and development. When a country experiences productivity growth, it means that it has become more efficient at producing goods and services, and can therefore increase its output and income without needing to use more resources. This, in turn, leads to an improvement in the standard of living of the country's population as they can consume more goods and services with the same amount of resources. Therefore, productivity growth is a major determinant of a country's standard of living.

Ultimately, Productivity Growth Is the Major Determinant of a Country's