What Is the Most Important Factor That Explains Differences in Living

question 64

Multiple Choice

What is the most important factor that explains differences in living standards among countries?

• A)labor unions
• B)minimum wage laws
• C)productivity
• D)efficiency

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Definitions:

Government

The system or group of people governing an organized community, often a state.

Farmers

Individuals or entities engaged in the practice of agriculture, cultivating plants and raising livestock for food, fiber, and other products.

Total Amount

The entire quantity or sum of an item, measurement, or value, not excluding any part.

Purely Competitive Market

A market characterized by many buyers and sellers, homogeneous products, free entry and exit, and perfect information, leading to price determination by market forces.