Variations in the standard of living across countries is due almost entirely to differences in each nation's total output of goods and services.

Question

Quizplus · Accepted Answer

Variations in the standard of living across countries are influenced by multiple factors including total output of goods and services (GDP per capita), but also include income distribution, healthcare, education, political stability, infrastructure, and environmental quality, among others.

Variations in the Standard of Living Across Countries Is Due