Question

One of the "7 determinants of productivity, income, and wealth" is "seemingly unrelated market condition," which refers to the recognition that differences in income or wealth across individuals could result from differences in:.

Answer 1

The differences in income or wealth across individuals could result from differences in A) income depends in part upon economic conditions beyond our control; a worker's value ...

What are the sources of income?

The different income sources include:

• Working
• Producing a product or service
• Investing capital
• Earning pensions and other government programs
• Selling goods or services above the cost of production.

Answer Options:

A) income depends in part upon economic conditions beyond our control; a worker's value depends greatly upon the price of the product he helps produce (e.g., a wage of a coal miner would increase if we ran out of oil)

2) the natural talents that people are endowed with at birth

3) the skills and experiences that people acquire through education, training, and work

4) how hard individuals choose to work

Thus, the differences in income or wealth across individuals could result from differences in Option A.

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