Workers in Western Europe enjoy a high standard of living because ?
Correct answer: C. none of these answers.
- A. the countries of Western Europe have set high minimum wage rates.
- B. Unions in Western Europe keep the wage high
- C. none of these answers.
- D. The countries of Western Europe have protected their industries from foreign corporation
- E. Workers in the united states are highly productive
Explanation
None of the listed explanations correctly identifies the main reason for Western Europe’s high living standards, which is generally high labour productivity supported by skills, technology, and capital. The option about highly productive United States workers does not explain Western European workers’ living standards.
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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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