JAMB - Economics (2015 - No. 28)
The relationship between the cost of living and standard of living is
A rise in cost of living gives a corresponding rise in standard of living
A lower cost of living give a higher standard of living
A lower cost of living give a lower standard of living
None of the above
Explanation
Cost of living is the amount of money individuals spent on consumption while the standard of living is the state of economic well being. Therefore, a fall in the cost of living leads to a rise in standard of living.
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