When the economic performance of a country/region is better, we can also say thatthe living standard of the people may also be higher.1.In your opinion, what is the meaning of "high living standard"?2. Choose one item from the list below and explain how it can reflect the livingstandard of the people.Happiness index, crime rate, average schooling years, life expectancy, averageworking hours, median family income, number of holidays per year, level ofpollution, average weight of rubbish disposed per person, amount of savingsper person1 A case study: Hong KongMajor Economic Indicators20172018Population, Mid-year (mn)7.397.45Gross Domestic Produet (USS bn)341.4Come364.8GDP Per Capita (USs) (G people46,18048,958Real GDP Growth (%)+3.8+3.0thet ofInflation (% Change in Composite CPI)+1.5+2.4Unemployment Rate (%)3.12.8Retail Sales Growth (%)+2.2+8.7Number of Visitors (mn)58.565.1Visitor Arrivals Growth (%)+3.2+11.41. How do you interpret the above information on Hong Kong Economy?2

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Economics

1. In your opinion, what is the meaning of "high living standard"?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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