Question

<!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> Which of the following is true with respect to standard of living?

• A. <!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> It is the capability of a person to buy luxurious goods.
• B. <!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> It is the capability of a person to purchase basic amenities.
• C. <!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> It is the purchasing power of an individual.
• D. <!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> It is the capability of a person to invest in properties.

Answer 1

Answer: (B), (C)

<!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> It is the purchasing power of an individual.

Standard of living is the third component in calculating Human Development Index. It is the purchasing power of an individual that makes them capable of purchasing basic amenities like food, shelter, education, health, etc. Measuring per capita income is one of the best ways to deduce the standard of living.