Answered

Discover the answers to your questions at Westonci.ca, where experts share their knowledge and insights with you. Discover in-depth answers to your questions from a wide network of experts on our user-friendly Q&A platform. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.

Productivity Question 3 options: is nearly the same across countries, and so provides no help explaining differences in the standard of living across countries. explains very little of the differences in the standard of living across countries. explains some, but not most of the differences in the standard of living across countries. explains most of the differences in the standard of living across countries.

Sagot :

Lanuel

Answer:

explains most of the differences in the standard of living across countries.

Explanation:

Gross Domestic Products (GDP) is a measure of the total market value of all finished goods and services made within a country during a specific period.

Simply stated, GDP is a measure of the total income of all individuals in an economy and the total expenses incurred on the economy's output of goods and services in a particular country.

Basically, the four (4) major expenditure categories of GDP are consumption (C), investment (I), government purchases (G), and net exports (N).

Productivity is a measure of how efficient is the manufacturing of finished goods and services in a country. Thus, it's a measure of total output with respect to input such as capital, labour, and other resources.

Generally, productivity is a ratio of output (product) to the resources (input) that is required to produce the product and as such determines the economic output of a particular country, as well as the standard of living of its population.

Hence, productivity explains most of the differences in the standard of living across countries based on the value of output generated with a unit of input.

Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Keep exploring Westonci.ca for more insightful answers to your questions. We're here to help.