The 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) aggregate output
C) standard of living
D) consumer price index

Question

Quizplus · Accepted Answer

The term "standard of living" refers to the overall level of material well-being of a population, including factors such as income, employment, education, healthcare, and access to goods and services. It is closely related to the amount and quality of goods and services that people can purchase, making it the best choice among the options given. The business cycle refers to the fluctuations in economic activity over time, aggregate output refers to the total value of goods and services produced in an economy, and the consumer price index measures changes in the prices of goods and services over time.

The Term ________ Refers to the Total Quantity and Quality