Which of the Following Best Describes the Term Standard of Living

Multiple Choice

Which of the following best describes the term standard of living?

A) Total quantity of goods and services produced by an economic system
B) 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
C) Total value of all goods and services produced within a given period by a national economy through domestic factors of production
D) Conditions of the economic system in which an organization operates
E) Total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system