ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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high levels of happiness.
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high material standards of living.
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equal levels of wealth.
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self-sufficient communities.
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Detailed explanation-1: -Standard of living is generally measured using per capita GDP. Standards of living are usually higher in developed countries. In fact, basic measures of standard of living, such as per capita GDP, are often used to define the differences between more and less developed countries.
Detailed explanation-2: -6 October 2016-Although GDP per capita is often used as a broad measure of average living standards, high levels of GDP per capita do not necessarily mean high levels of household disposable income, a key measure of average material well-being of people.
Detailed explanation-3: -Real GDP per capita removes the effects of inflation or price increases. Real GDP is a better measure of the standard of living than nominal GDP. A country that produces a lot will be able to pay higher wages. That means its residents can afford to buy more of its plentiful production.
Detailed explanation-4: -As a result, higher GDP per capita is often associated with positive outcomes in a wide range of areas such as better health, more education, and even greater life satisfaction.
Detailed explanation-5: -Standard of living refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area. Quality of life, on the other hand, is a subjective term that can measure happiness.