FINANCIAL MATH - REAL WORLD CLASSROOM (ROMAN) - LESSON 2.2 STANDARD OF LIVING

which of the following is a factor the UN uses to determine a country's standard of living?

- expected education - per capita income - mobile phone ownership rate - internet usage rate

which of the following is NOT a major factor when determining a persons standard of living a. wealth b. comfort c. material goods d. necessities e. age

e. age

TRUE OR FALSE: the poverty wage in america is $5.00 an hour.

false

TRUE OR FALSE: according to the New York Times a typical person in the bottom 10% of the American income distribution is still richer than 68% of the world's inhabitants.

false.... its 5%, not 10%

in reference to the factors that contribute to a persons standard of living, which describes the difference between comfort and material goods?

the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or a certain geographic area

TRUE OR FALSE: it is difficult to manage our resources effectively when our perception of what we have is distorted.

true

in reference to the factors that contribute to a person's standard of living, which of the following best describes the term wealth?

value of items a person owns (ex: cars, house, clothes... not just how much they have in their bank account)

which of the following best describes what the term living wage means?

wage high enough to maintain a normal standard of living

what percentage of the world (excluding the US) lives on less that $50/per day?

93%

what is the name of the measuring tool developed by the United Nations to quantify a country's standard of living?

Human Development Index