Asked by Jibreel Ahmad on Jul 23, 2024
Verified
Increases in productivity are not responsible for increased standards of living in the United States.
Increases in Productivity
An improvement in the efficiency of producing goods and services, often resulting in more output for the same amount of input.
Standards of Living
The range of opulence, leisure, physical goods, and necessary provisions available to a specific group based on economic status or location.
- Understand the significance of productivity in setting wages and improving living standards.
Verified Answer
MR
Mohammad Rony HossainJul 26, 2024
Final Answer :
False
Explanation :
Increases in productivity, which allow for more goods and services to be produced per hour of work, are a key factor in raising standards of living in the United States by enabling higher wages, lower prices, and more investment in public goods.
Learning Objectives
- Understand the significance of productivity in setting wages and improving living standards.