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Which of the following factors explains most of the differences in standards of living among countries around the world? Welfare and transfer payments Productivity Labor unions Minimum wage laws

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josgolf

Answer:Minimum wage Laws.

Explanation:Minimum wage laws will define and clearly stated how much an individual with the lowest level of education should be paid.If the fair minimum wage legislations among nations,then standard of living will be high.Income,salaries and wages are direct function of cost of living.If people are paid well, they will live well.

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