A decline in a nation's rate of productivity growth will:
A)reduce the inflation rate.
B)increase education and training.
C)slow the growth of the standard of living.
D)make industry more competitive in world markets.

Question

Quizplus · Accepted Answer

Productivity growth is directly related to the standard of living of a nation, as it determines the output and efficiency of the economy. A decline in productivity growth would result in slower economic growth and hinder the ability of the country to sustain a high standard of living. It would also lower the competitiveness of the country in the global market, as its products and services will become relatively more expensive due to lower efficiency in production. Therefore, a decline in productivity growth will slow the growth of the standard of living.

A Decline in a Nation's Rate of Productivity Growth Will