Which of the following best describes how the global economy impacts you as an individual worker and consumer?

• A. It determines your personal preferences and tastes.
• B. It only influences government policies and has no direct effect on individuals.
• C. It affects the prices of goods and services you buy, as well as the availability of jobs and wages.
• D. It guarantees equal income for all workers worldwide.

Answer: (C)

Verified step by step guidance

1. Step 1: Understand the role of the global economy in everyday life. The global economy refers to the interconnected economies of different countries, which influence trade, labor markets, and prices worldwide.
2. Step 2: Recognize that the global economy does not determine personal preferences and tastes, as these are shaped by individual experiences and cultural factors, not economic forces.
3. Step 3: Note that the global economy affects government policies, but its influence extends beyond governments to individuals through market mechanisms.
4. Step 4: Analyze how the global economy impacts individuals directly by affecting the prices of goods and services due to international trade and supply chains, as well as influencing job availability and wage levels through global labor market competition.
5. Step 5: Understand that the global economy does not guarantee equal income for all workers worldwide, as income distribution varies widely due to many factors including skills, education, and economic conditions.