MGT491H5 Midterm: Midterm Study Notes - Chapter 5-International Trade Theory

36) Which of the following best describes the term standard of living? a) total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total quantity of goods and services produced by an economic system the overall quality of life produced by an economic system total value of all goods and services produced by a national economy within a given period, regardless of where the factors of production are located

11) Which of the following best describes the term standard of living? total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total quantity of goods and services produced by an economic system the overall quality of life produced by an economic system total value of all goods and services produced by a national economy within a given period, regardless of where the factors of production are located