Which term refers to the total quantity and quality of goods and services that people living in an economic system can purchase?
A) business cycle
B) demand and supply schedule
C) standard of living
D) aggregate output
E) consumer price index

Question

Quizplus · Accepted Answer

C)The standard of living is the total quantity and quality of goods and services that people can purchase with the currency used in their economic system. Standard of living is determined by economic conditions such as inflation and purchasing power.

Which Term Refers to the Total Quantity and Quality of Goods