Living standards are higher in some countries in comparison to other countries because of Group of answer choices differences in minimum wage laws. differences in unemployment compensation. differences in productivity. differences in labor supply.
Living standards are higher in some countries in comparison to other countries because of Group of answer choices differences in minimum wage laws. differences in unemployment compensation. differences in productivity. differences in labor supply.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Question
Living standards are higher in some countries in comparison to other countries because of
Group of answer choices
differences in minimum wage laws.
differences in unemployment compensation.
differences in productivity.
differences in labor supply.
Expert Solution
Step 1
The living standard can be identified by the wealth, comfort, quality of life of an individual living a particular country. The wealth, comfort, and quality of life are attainable through the wages earned through performing the task.
Many countries are having a higher standard of living in comparison to other countries because of gross national income. The gross national income of the country refers to the rise per capita, which increases the standard of living.
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