A major effect of the rise in the rate of productivity growth in the United States is a(n)

Question

Quizplus · Accepted Answer

A rise in the rate of productivity growth means that more goods and services can be produced with the same amount of inputs. This leads to a decrease in the cost of production, which can then be passed on to consumers in the form of lower prices. Lower prices lead to an increase in the growth of living standards, as consumers can now afford to buy more goods and services.

A Major Effect of the Rise in the Rate of Productivity