Asked by Henil Deepak Patel on Jul 15, 2024
Verified
Variations in the standard of living across countries is due almost entirely to differences in each nation's total output of goods and services.
Standard of Living
The extent of financial status, comfortability, worldly possessions, and essentials provided to a certain community class or area.
Total Output
The aggregate production of goods and services in an economy at a given time, typically measured as Gross Domestic Product (GDP).
- Understand the mutual gains from trade and its exclusions.
Verified Answer
DP
Dalit PollakJul 16, 2024
Final Answer :
False
Explanation :
Variations in the standard of living across countries are influenced by multiple factors including total output of goods and services (GDP per capita), but also include income distribution, healthcare, education, political stability, infrastructure, and environmental quality, among others.
Learning Objectives
- Understand the mutual gains from trade and its exclusions.