One way of measuring the relative standard of living in a country is to measure ownership and consumption of selected goods in selected countries.

Question

Quizplus · Accepted Answer

Measuring ownership and consumption of selected goods (like cars, smartphones, and household appliances) can provide insights into the economic well-being and standard of living of a country's population, as it reflects the ability of individuals to purchase goods that improve their quality of life.

One Way of Measuring the Relative Standard of Living in a Country