ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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False
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True
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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 generally refers to wealth, comfort, material goods, and necessities of certain classes in certain areas-or more objective characteristics-whereas quality of life is more subjective and intangible, such as personal liberty or environmental quality.
Detailed explanation-2: -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-3: -In fact, productivity is the single most important factor in determining standard of living. The generally agreed upon measure for standard of living is the real gross domestic product (GDP) per capita of a country.
Detailed explanation-4: -Yet there is a generally accepted measure for standard of living: average real gross domestic product (GDP) per capita. Let’s break it down piece by piece: GDP measures annual economic output-the total value of new goods and services produced within a country’s borders. Real GDP is the inflation-adjusted value.