ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the ability to read and write.
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the percentage of people in a country that can read and write.
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It measures how well off people in a country are.
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the average number of years a person in a country is expected to live.
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Detailed explanation-1: -Standard of living is the material well being of the average person in a given population. It is typically measured using gross domestic product (GDP) per capita.
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. GDP measures all transactions within a country’s boundary, while GNI includes those who live abroad.
Detailed explanation-3: -Different countries have different standards of living because they have different employment rates. When a country has a high employment rate, the country’s poverty rate declines, and the living standards increase.
Detailed explanation-4: -Standard of living is generally concerned with objective metrics outside an individual’s personal control, such as economic, societal, political and environmental matters – such things that an individual might consider when evaluating where to live in the world, or when assessing the success of economic policy.