Question

Which of the following results in an increase in the standard of living?

A. An increase in unemployment pushes down the cost of
production

B. Income increases, enabling consumers to buy more goods and
services.

C. Rising production costs drive up the price of goods and services.

D. Wages go up to correct for the inflation of prices.

Answer 1

Answer:

B

Explanation:

I know that B is correct because when there's a high standard of living, there's an increase in the state's income...

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Answer 2

Answer:

B. Income increases, enabling consumers to buy more goods and

services.

Explanation:

An increase in the standard of living would come with an increase in the income. By increasing your income, you open your possibilities of what you can acquire. For example, if you increase the income from a certain society without modifying the costs of the goods, then people eventually will buy more goods and services. In economics there’s the statement that “with higher consumption levels, there is greater prosperity”.