A small increase in productivity growth can have a huge impact on a country's standard of living.

Question

Quizplus · Accepted Answer

Productivity growth refers to the increase in output per unit of input, which leads to increased efficiency and output. A small increase in productivity growth can compound over time and result in significant increases in the standard of living, as it allows for higher wages, lower prices, and increased economic growth. Therefore, even a small increase in productivity growth can have a huge impact on a country's standard of living.

A Small Increase in Productivity Growth Can Have a Huge