Step 1: Understanding the Concept
A metal is a stronger reducing agent when it loses electrons more easily, which means a more negative standard reduction potential.
Step 2: Potentials
\(E^{\circ}\): Ag\(^{+}\)/Ag \(= +0.80\) V, Ni\(^{2+}\)/Ni \(= -0.25\) V, Mg\(^{2+}\)/Mg \(= -2.36\) V, Li\(^{+}\)/Li \(= -3.05\) V.
Step 3: Order
The potential becomes steadily more negative from Ag to Li, so reducing power increases in the order Ag \(\lt\) Ni \(\lt\) Mg \(\lt\) Li.
Final Answer:
The increasing order of reducing strength is Ag, Ni, Mg, Li.
\[ \boxed{\text{(A) }\text{Ag}<\text{Ni}<\text{Mg}<\text{Li}} \]