The average propensity to consume is commonly viewed as a key determinant of standard of living.

Name: The average propensity to consume is commonly viewed as a key determinant of standard of living.
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The average propensity to consume is a measure of the proportion of income spent on consumption, not a direct determinant of standard of living. Standard of living is influenced by various factors including income, wealth, and access to goods and services.

The Average Propensity to Consume Is Commonly Viewed as a Key