Only income can produce increases in standard of living.

Question

Quizplus · Accepted Answer

Standard of living can increase through a variety of factors beyond just income, such as improved access to education, healthcare, technology, and infrastructure. People can also improve their standard of living by making better use of their income or resources, such as through budgeting, saving, or investing. Additionally, factors such as social interactions, community engagement, and psychological well-being can have a significant impact on overall quality of life and standard of living.

Only Income Can Produce Increases in Standard of Living