Increases in productivity are NOT responsible for increased standards of living.

Question

Quizplus · Accepted Answer

Increases in productivity result in increased output, which can lead to higher standards of living if the additional output is used to improve the quality or quantity of goods and services. This, in turn, can lead to increased employment opportunities, higher wages, and greater consumer satisfaction. Therefore, increases in productivity are a significant factor in economic growth and improving standards of living.

Increases in Productivity Are NOT Responsible for Increased Standards of Living