Question 5 • VT-GA-EOC-Personal Finance & Economics A ULHS
Read the sentence below and answer the question that follows. When a country’s economy becomes more developed, the standard of living usually increases. The term underlined in the sentence above is best defined as __________.
Answer
A
the total dollar value of all final goods and services produced within a country’s borders in a given year
B
the expense of the equipment used to increase human capabilities or make people’s lives easier
C
the level of comfort the average person in a country can reasonably afford
D
the measure of a country’s economic health and social conditions
Explanation
Standard of living means the level of comfort and material well-being that people can reasonably afford. Choice C gives this definition. Choice A describes gross domestic product (GDP), while choice D refers more broadly to a measure of a country’s development.
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