The relationship between the cost of living and standard of living is
ECONOMICS
JAMB 2015
The relationship between the cost of living and standard of living is
- A. A rise in cost of living gives a corresponding rise in standard of living
- B. A lower cost of living give a higher standard of living
- C. A lower cost of living give a lower standard of living
- D. None of the above
Correct Answer: B. A lower cost of living give a higher standard of living
Explanation
Cost of living is the amount of money individuals spent on consumption while the standard of living is the state of economic well being. Therefore, a fall in the cost of living leads to a rise in standard of living
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