Question

The consumer price index tries to gauge how much incomes must rise to maintain a. a constant standard of living. b. an increasing standard of living. c. a decreasing standard of living. d. the highest standard of living possible.

Answer 1

a. a constant standard of living.

The phrase "standard of living" refers to the amount of money, basic needs, luxuries, and other goods and services that are often easily accessible to a certain community. In essence, it is a statistic that assesses the volume of tangible commodities produced and sold within a given geographic region, such as a city, province, state, or nation.

Although closely tied to the idea of the standard of living, it is thought to be separate from a measurement of the local quality of life. Numerous elements that are thought to be relevant to both measurements are regularly used to compare the standard of living and quality of life.

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