Which of the following best describes the relationship between productivity and standard of living?

Question

Quizplus · Accepted Answer

Productivity is a key factor in determining a country's standard of living. When a country's productivity increases, it can produce more goods and services, and with the same amount of resources, which leads to economic growth. Economic growth, in turn, can increase a country's standard of living by creating new job opportunities, increasing salaries, and providing better healthcare, education, and infrastructure, etc. Therefore, productivity and standard of living are closely related.

Which of the Following Best Describes the Relationship Between Productivity