Which of the following indicates a better standard of living?
Answer and explanation
Correct answer: Accessible health and education
Standard of living includes more than income or the value of marketed output. Accessible healthcare and education improve people’s capabilities, health, knowledge, productivity, and quality of life. In contrast, crime, poor sanitation, and pollution impose social costs and can reduce well-being even when income is high. Therefore, option C is the best indicator of a better standard of living and shows why social indicators supplement GDP.
Frequently asked questions
What is the correct answer to this question?
Accessible health and education
Why is this the correct answer?
Standard of living includes more than income or the value of marketed output. Accessible healthcare and education improve people’s capabilities, health, knowledge, productivity, and quality of life. In contrast, crime, poor sanitation, and pollution impose social costs and can reduce well-being even when income is high. Therefore, option C is the best indicator of a better standard of living and shows why social indicators supplement GDP.
Which subject and chapter does this question cover?
This is a Class 11 Economics question. Chapter: National Income and Related Aggregates. Topic: GDP and Welfare.
