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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Why do you think labor standards and working conditions are lower in the low-income countries of the world than in countries like the United States?

To determine

The reasons for lower labor standards and working conditions in the low-income countries of the world as compared to other countries such as United States.

Explanation

Generally, low income countries have lower labor standards than high-income countries. The low-income countries have low output and employment and higher unemployment. This leads to decrease in minimum wages paid to workers. Sometimes, the case is that the minimum wages per day in low-income countries are even lower than minimum wages per hour in high-income countries...

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