What explains the differences in standards of living across countries?

Question

Quizplus · Accepted Answer

Different barriers to technology adoption can greatly affect a country's standard of living. Countries with lower barriers to technology adoption can benefit from advancements and innovations that can increase productivity and efficiency, ultimately leading to higher standards of living.

Answer: E
 Barriers to foreign capital flows can also play a significant role in determining a country's standard of living. Foreign capital can bring in new investments, create job opportunities, and stimulate economic growth. Countries with higher barriers to foreign capital flows may be missing out on these benefits, leading to a lower standard of living.

What Explains the Differences in Standards of Living Across Countries