The Fact That Different Countries Experience Different Standards of Living

question 66

Multiple Choice

The fact that different countries experience different standards of living is largely explained by differences in those countries'

• A) populations.
• B) productivity levels.
• C) locations.
• D) none of the above;economists are puzzled by differences in standards of living around the world.

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Definitions:

International Labor Standards

Norms and regulations developed by the International Labour Organization (ILO) aimed at promoting workers' rights, improving working conditions, and ensuring fair employment practices globally.

Collective Bargaining

The process of negotiation between employers and a group of employees aimed at agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights.

Technology

The application of scientific knowledge for practical purposes, especially in industry and in our daily lives, leading to inventions and innovations.

World Trade Organization (WTO)

An international organization that regulates and facilitates international trade between nations, aiming to ensure smooth, free, and predictable trade flows.