Which is required for the standard of living to go up?

Question

Responses

unemployment and production costs drop

unemployment and production costs drop

either prices go down or income goes up

either prices go down or income goes up

a recession turns into a recovery

a recession turns into a recovery

hyperinflation combines with productivity

hyperinflation combines with productivity

Answer 1

For the standard of living to go up, the most relevant option among the responses you provided is:

either prices go down or income goes up.

This is because a higher standard of living typically involves either increased purchasing power (which occurs when income rises) or lower costs of living (which occurs when prices decrease), allowing individuals and families to afford more goods and services.