Multiple choice

The standard of living in a country is represented by its

  1. per capita income

  2. national income

  3. poverty ratio

  4. exports
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A Correct answer
Explanation

Per capita income (average income per person) is the standard measure of a country's standard of living because it reflects the average economic resources available to individuals. While national income measures total economic output, it doesn't account for population size. Per capita income allows for meaningful comparisons between countries and over time, serving as a key indicator of economic development and individual welfare.

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