Amount of money needed to purchase the goods and services required to maintain a certain standard of living called ?
Correct answer: A. Cost of living
- A. Cost of living
- B. Basic requirement
- C. Cost of life
- D. None of the above
Explanation
Cost of living is the amount of money required to obtain the goods and services needed for a particular standard of living. “Cost of life” is not the standard economic term.
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About Macroeconomics
The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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