What is the relationship between average household income and standard of living?
A) There is no relationship. Increasing average income says nothing about income distribution.
B) Rising income enables households to acquire more of the goods and services that improve their material standard of living.
C) Rising income tends to increase the crime rate and violence, thereby lowering a country's standard of living.
D) There is no relationship. Standard of living depends on productivity not household income.
Correct Answer:
Verified
Q13: The rule of 72 states that grows
Q14: Approximately what percentage of families in the
Q15: Use the following to answer questions .
Exhibit:
Q16: Over the past century, the average household
Q17: Use the following to answer questions .
Exhibit:
Q19: Economists do not use actual values of
Q20: Which of the following applies to economic
Q21: If the rate of growth of output
Q22: Holding all else constant, a country's standard
Q23: Suppose that real GDP per capita of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents