Which statement is true with regard to the standard of living?
A) It is dependent on the size of the city in which one lives.
B) It is comparable for every citizen in every country.
C) It is the amount and quality of goods and services that people can buy with their money.
D) It is improved when high-end stores stock expensive merchandise.
E) It is unaffected by business productivity.

Question

Quizplus · Accepted Answer

The standard of living refers to the amount and quality of goods and services that people can buy with their money, so option C is the correct answer. Option A is incorrect because the size of the city is not a determining factor in the overall standard of living. Option B and Option E are incorrect as the standard of living varies from country to country and is impacted by productivity. Option D is also incorrect because having high-end stores does not necessarily improve the standard of living for everyone.

Which Statement Is True with Regard to the Standard of Living