Question

Which statement about the cost of living in an area is correct? (1 point)
The cost of living is an estimated expense of a family’s basic needs in an area.
The cost of living is the hourly wage required to cover one’s basic needs
including relevant taxes.
The cost of living is the amount of money that is paid for work or services
rendered.
The cost of living includes the bare necessities an individual requires for
survival and safety.

Answer 1

The correct statement about the cost of living in an area is: The cost of living includes the bare necessities an individual requires for survival and safety.