Question

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.

Answer 1

The correct answer is option a.

Step-by-step explanation:

Productivity can be defined as a measure of the efficiency of a person, factory, machine, system, etc, to convert inputs into outputs. In other words, it is the rate of output per unit of input.

Productivity is an important determinant of living standards. A higher level of productivity means better living standards. This implies that growth in productivity is the key determinant of growth in living standards.