Labor productivity is higher in DCs such as Japan and Germany than LDCs due to ?
Correct answer: C. Both a and b are correct
- A. high formal education and training
- B. better health and physical condition of the labor force
- C. Both a and b are correct
- D. None of the above is correct
Explanation
Higher formal education and training improve workers’ skills, while better health raises their physical and mental capacity to work. Both factors therefore help explain higher productivity in developed countries.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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