Asked by Alexandra Velicky on Jul 02, 2024
Verified
One variable responsible for most significant explanation of variations in living standards around the world is
A) productivity.
B) population.
C) preferences.
D) prices.
Productivity
The measure of how efficiently goods and services are produced, often evaluated as the output per unit of input, such as labor or capital.
Living Standards
The amount of prosperity, comfortability, tangible assets, and essentials afforded to a distinct socioeconomic bracket or area.
- Assess the effect of human capital, productivity, and technological advancement on economic prosperity.
Verified Answer
JM
Jessa Mae Penafiel6 days ago
Final Answer :
A
Explanation :
Productivity, or the amount of goods and services produced from each hour of a worker's time, is the most significant factor in explaining variations in living standards around the world. Higher productivity leads to higher incomes and living standards.
Learning Objectives
- Assess the effect of human capital, productivity, and technological advancement on economic prosperity.