An increase in the amount of household wealth in an economy would ________ the average standard of living and would ________ the spending power experienced by the typical person.

Question

Quizplus · Accepted Answer

An increase in household wealth would raise the average standard of living because people would have more money to spend and would be able to afford more goods and services. It would also improve the spending power experienced by the typical person, as they would have more money to spend on their needs and wants.

An Increase in the Amount of Household Wealth in an Economy