Standard of living

Question 1

What is the standard of living?

Answer 1

The standard of living refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.

Question 2

True or False: Economic inequality only affects developing countries.

Answer 2

False

Question 3

Fill in the blank: The measurement of income distribution across a population can be assessed using the _____ coefficient.

Answer 3

Gini

Question 4

What are some common indicators of standard of living?

Answer 4

Common indicators include income, employment, class disparity, poverty rate, and housing affordability.

Question 5

Multiple Choice: Which of the following is NOT a factor that contributes to economic inequality? A) Education B) Healthcare Access C) Weather Patterns D) Employment Opportunities

Answer 5

C) Weather Patterns

Question 6

What is the relationship between education and economic inequality?

Answer 6

Higher education levels typically lead to better job opportunities and higher income, which can help reduce economic inequality.

Question 7

True or False: Economic mobility is the ability of an individual or family to improve their economic status.

Answer 7

True

Question 8

Fill in the blank: A country with a high Gini coefficient has _____ economic inequality.

Answer 8

high

Question 9

What role does government policy play in economic inequality?

Answer 9

Government policy can influence economic inequality through taxation, social welfare programs, and regulations.

Question 10

Multiple Choice: Which of the following is a consequence of high economic inequality? A) Increased social cohesion B) Higher crime rates C) Lower unemployment D) Improved health outcomes

Answer 10

B) Higher crime rates

Question 11

What is absolute poverty?

Answer 11

Absolute poverty is the condition where an individual or family cannot meet the basic needs for survival, such as food, shelter, and clothing.

Question 12

True or False: Economic inequality can lead to political instability.

Answer 12

True

Question 13

Fill in the blank: The _____ effect describes how wealth concentration can limit economic growth.

Answer 13

crowding out

Question 14

What is relative poverty?

Answer 14

Relative poverty is the condition where an individual’s income is significantly lower than the average income in their society, affecting their quality of life.

Question 15

Multiple Choice: Which of the following countries has one of the highest levels of economic inequality? A) Sweden B) Japan C) South Africa D) Norway

Answer 15

C) South Africa