The relationship between the cost of living and... - JAMB Economics 2015 Question
The relationship between the cost of living and standard of living is
A
A rise in cost of living gives a corresponding rise in standard of living
B
A lower cost of living give a higher standard of living
C
A lower cost of living give a lower standard of living
D
None of the above
correct option: b
Cost of living is the amount of money individuals spent on consumption while the standard of living is the state of economic well being. Therefore, a fall in the cost of living leads to a rise in standard of living.
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