How Does Productivity Explain the Differences in Standard of Living

question 53

Multiple Choice

How does productivity explain the differences in standard of living across countries?

• A)Productivity tends to be lower in countries with high population; therefore in those countries standards of living are lower.
• B)Productivity explains very little of the differences across countries in the standard of living.
• C)Productivity explains some, but not most, of the differences across countries in the standard of living.
• D)Productivity explains most of the differences across countries in the standard of living.

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Definitions:

International Trade Union Confederation

A global organization that brings together national trade unions from various countries to promote workers' rights and interests internationally.

Main Objectives

The primary goals or aims that an individual, organization, or project seeks to achieve.

European Union

A political and economic union of 27 European countries that are located primarily in Europe, aiming to promote peace, establish a unified market, ensure the free movement of people, goods, services, and capital, enact legislation in justice and home affairs, and maintain common policies on trade, agriculture, fisheries, and regional development.

Labor Standards

Norms and regulations that define the rights of workers and the obligations of employers, including minimum wage, working hours, safety, and health protections.