The key determinant of a the standard of living in a country is

Question

Quizplus · Accepted Answer

The amount of goods and services produced from each hour of a worker's time, also known as labor productivity, is the key determinant of the standard of living in a country. This is because higher labor productivity leads to higher wages and higher standards of living for workers. Additionally, higher labor productivity allows for more goods and services to be produced overall, further improving living standards.

The Key Determinant of a the Standard of Living in a Country