Question

Countries located in the "developed world," sometimes also referred to as "industrialized countries" are generally considered to enjoy good "terms of trade," providing them with certain advantages. Therefore, compared to a less developed country, a developed country is likely to?

1) have a higher standard of living
2) have a lower standard of living
3) have similar standard of living
4) cannot be determined

Answer 1

A developed country is likely to have a higher standard of living than a less developed country, influenced by various economic and quality of life factors.

Step-by-step explanation:

Compared to a less developed country, a developed country is likely to have a higher standard of living. More developed countries (MDCs), which are often industrialized nations with higher rates of production, generally enjoy good terms of trade. These nations, such as Canada, Japan, and Australia, have higher wealth that translates into better living conditions for their populations. In contrast, less developed countries (LDCs) or developing countries are characterized by lower standards of living, lower per capita GDP, and often, higher levels of poverty. It's imperative to understand that while these terms facilitate the categorization of countries based on economic factors, they do not reflect the entire quality of life which is also influenced by health, education, community engagement, human rights, and environmental quality.