Question

When either prices go down or income goes up, there is an increase in which

of the following?
O A. The gross domestic product
O B. Unemployment
O C. The standard of living
O D. The inflation rate

Answer 1

Answer: The correct answer is option ( c) - The standard of living

Explanation: whenever the price of of a product or service goes down or income of the consumer goes up , standard of living of people of a country rises the value of rs 1 increases. Therefore the people who were buying a particular good or a service in some certain amount , the same person could get the more of that product of service in that certain amount.

Moreover the people who were unable to buy that product or service now they can also buy that product or service

where the standard of living of people of a country increases

also boost of the motivational moral of the people of country due to which they earn more, increasing the GDP of a country.