Standard of Living and Economic Indicators

What factors are used to determine the standard of living in a country?

• The level of wealth, comfort, and material goods available to a socioeconomic class.

• GDP per capita, literacy rate, and life expectancy.

• The total amount of money a country makes through goods and services.

• The average income and education level of its citizens.

What does Gross Domestic Product (GDP) represent?

• The average income of a person in a country.

• The percentage of the population that can read and write.

• The total amount of money a country makes through goods and services in a year.

• The average lifespan of individuals in a country.

How is the literacy rate of a country defined?

• The percentage of the population over the age of 15 that can read and write within a country.

• The average amount of money a person makes in a year.

• The total value of goods and services produced.

• The average number of years a person is expected to live.

When ranking countries based on standard of living factors, which country is considered to have the highest standard of living?

• The country with the highest individual ranking in any single category.

• The country with the lowest total raw score from the combined rankings.

• The country with the highest GDP per capita.

• The country with the highest average life expectancy and literacy rate.