Final answer:
The statement is false as living standards around the world vary greatly. GDP alone does not capture quality of life, and measures like health, education, and environmental quality show that differences are significant. The OECD Better Life Index provides a broader comparison of living standards beyond just income.
Step-by-step explanation:
The statement that international data on GDP and socioeconomic variables indicate that there are few real differences in living standards around the world is false. Per capita GDP is a rough measure and cannot fully capture the quality of life. Other factors such as health, education, human rights, crime and personal safety, and environmental quality also play significant roles in determining living standards. These factors reveal very wide differences in living standards across the world. While there's some correlation with per capita income, there are exceptions, such as life expectancy in low-income regions approximating that of more affluent countries. Furthermore, no country has perfect standards of living; for example, there is still undernourishment in high-income regions like Europe and North America.
Other ways to compare living standards include the use of comprehensive indices like the OECD Better Life Index, which takes into account various aspects of life that contribute to well-being beyond material wealth. This index offers a more nuanced view of what constitutes a high standard of living and considers factors such as community engagement and work-life balance, which are not captured by GDP alone.