The Yardstick Most Often Used to Compare Living Standards Across

question 99

Multiple Choice

The yardstick most often used to compare living standards across nations is _____

• A) the average production cost per unit.
• B) the sales revenue per month for all the firms in an economy.
• C) the utility per capita.
• D) the output per capita.
• E) the volume of imports per year.

---

Definitions:

Transaction Date

When control of the future economic benefits embodied in an asset are obtained from or transferred to another entity.

Exchange Rate

The price at which one currency can be exchanged for another currency.

Credit Terms

Conditions under which credit is extended by a lender to a borrower, including the repayment period and interest rate.

Direct Quotation

A currency quotation method where the local currency is fixed, and the foreign currency varies.