What does productivity measure? Select one: a. The standard of living relative to purchasing power parity b. How much output is necessary to produce a certain level of demand c. How much a system produces with the resources needed to produce it d. How much gross national product results from inputs of labour e. The total value of all goods and services produced by a national economy

##Step 1: Definition of Productivity<br />###Productivity measures the efficiency of a production process. It quantifies the output generated relative to the inputs used. Specifically, it assesses how effectively resources (labor, capital, etc.) are transformed into goods and services.<br />##Step 2: Analyzing the Options<br />###Option (a) discusses the standard of living, which is related to but not the direct measure of productivity. Option (b) inverts the concept of productivity by focusing on input needed for a given output. Option (d) focuses on GNP and labor input, which is a specific measure related to productivity but not the general definition. Option (e) defines the total output (GDP) but not the efficiency of its production. Option (c) accurately describes productivity as the ratio of output to the resources used in production.<br /><br />#