The link between the productivity of labor and standard of living is a) tenuous and changing...
The link between the productivity of labor and standard of living is
a) tenuous and changing
b) inverse
c) that over the long run, consumers as a whole can increase their rate of consumption only by increasing labor productivity
d) that over the long run, consumers' rate of consumption is not related to labor productivity
e) that the productivity of labor grows much more erratically than the standard of living
Homework Answers
Ans: c) that over the long run, consumers as a whole can increase their rate of consumption only by increasing labor productivity
Explanation:
Productivity refers to the output per unit of labor which are used in production process. Standard of leaving refers to the availability of material goods and basic necessities in the economy. So the standard of leaving can be increased through the increase in labor productivity.
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