Productivity growth is important because:

A) it is the only way an economy can increase GDP.
B) a small decrease in productivity growth causes a large decline in GDP.
C) a large increase in productivity growth causes a small decrease in GDP.
D) it causes an increase in the quantity of all resources available to an economy.
E) it ultimately increases a nation's standard of living.

Productivity Growth

Productivity growth refers to the increase over time in the output of goods and services per unit of input, indicating an improvement in efficiency and economic health.

Standard of Living

The degree of prosperity, ease, consumer goods, and basic needs accessible to a specific social class or location.

GDP

Gross Domestic Product, a monetary measure of the market value of all final goods and services produced in a country during a specific time period.