The cumulative power of productivity growth:
A)emphasizes the importance of short-term growth.
B)emphasizes the importance of long-term growth.
C)emphasizes the importance of capital-labor ratio.
D)increases poverty in an economy.
E)leads to capital deepening

Question

Quizplus · Accepted Answer

The cumulative power of productivity growth emphasizes the importance of long-term growth. Productivity growth leads to the creation of new products and services, improved efficiency in production, and increased standard of living over time. This is achieved through sustained and continuous improvements in technology, infrastructure, education, and innovation. Short-term growth is important, but it is the long-term growth that creates sustainable economic development and improves the quality of life for people.

The Cumulative Power of Productivity Growth