ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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High
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Low
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Either A or B
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None of the above
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Detailed explanation-1: -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.
Detailed explanation-2: -It can be also used as a proxy instrument to see the effectiveness of education system; a high literacy rate suggests the capacity of an education system to provide a large population with opportunities to acquire literacy skills.
Detailed explanation-3: -Standard of living is the amount of goods and services available to purchase in a country. Real GDP per capita and Gross National Income per capita are the two most common ways to measure the standard of living.
Detailed explanation-4: -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.