ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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For individuals, but not for nations
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For nations, but not for individual
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For both nation and individual
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For neither nations nor individual
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Detailed explanation-1: -Productivity plays a key role in determining living standards for all nations in the world. Productivity refers to the quantity of goods and services that a worker can produce from each hour of work. To understand the large differences in living standards across countries.
Detailed explanation-2: -Labor productivity is a measure of the amount of goods and services that the average worker produces in an hour of work. The level of productivity is the single most important determinant of a country’s standard of living, with faster productivity growth leading to an increasingly better standard of living.
Detailed explanation-3: -Productivity is the key source of economic growth and competitiveness. A country’s ability to improve its standard of living depends almost entirely on its ability to raise its output per worker (i.e., producing more goods and services for a given number of hours of work).
Detailed explanation-4: -Household income. General health of a population. Life expectancy of the members of a population. Availability and quality of housing. Level of crime. Access to health care. Access to education. Access to social services. More items •20-Apr-2022