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QA › Economics › One factor that indicates a developed economy’s standard of living is its

One factor that indicates a developed economy’s standard of living is its

1. growth in outsourcing rates.

2. strong social connections.

3. high levels of education.

4. low GDP per capita.

Answer: 3. High levels of education

Standard of living can be determined using various factors that include productivity and high GDP. Education is a factor that affects the standard of living because of its impact on the rates of productivity. It not only causes a rise in human capital but also leads to socio-economic advancement. A huge benefit of high levels of education is how it increases the amount of available labor and consequently improves the standard of living.

Economics

3 years ago

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