ECONOMICS
GDP
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Productivity
|
|
|
Amount of immigration
|
|
|
Trade
|
|
|
Number of Jedis
|
Detailed explanation-1: -The level of productivity is the most fundamental and important factor determining the standard of living. Raising it allows people to get what they want faster or get more in the same amount of time. Supply rises with productivity, which decreases real prices and increases real wages.
Detailed explanation-2: -Productivity is defined as GDP per hour worked. The standard of living or welfare is measured by what the Office for National Statistics calls ‘Median Equivalised Households Disposable Income’ or MEHDI. Both measures are in real terms.
Detailed explanation-3: -With growth in productivity, an economy is able to produce-and consume-increasingly more goods and services for the same amount of work. Productivity is important to individuals (workers and consumers), business leaders, and analysts (such as policymakers and government statisticians).
Detailed explanation-4: -Productivity increases when output increases faster than inputs. Additionally, you can also observe a productivity increase when a company generates the same output with lower inputs.