Ask Question
13 October, 16:40

A nation's standard of living is determined bya. the percentage of its GDP that is accounted for by government purchases. b. the quantity of natural resources with which it is endowed. c. the productivity of its workers. d. factors and events that are beyond the nation's control.

+3
Answers (1)
  1. 13 October, 17:00
    0
    C) The productivity of its workers.

    Explanation:

    Among the options listed, the productivy of its workers is the measure most strongly correlated with the nation's standard of living. The reason for this is that, according to economic theory, real wages depend on the marginal product of labor, thus, the higher the productivity of a worker, the higher his wage.

    In reality the relationship is not perfect, but quite close.

    Nations with highly productive workers such as Germany, the United States or Japan have a high standard of living, while nations with low labor productivity such as Haiti or Nigeria have a low standard of living.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “A nation's standard of living is determined bya. the percentage of its GDP that is accounted for by government purchases. b. the quantity ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers