Question

State True or False:

A family’s socio-economic status is directly related to the standard of living.

Answer 1

This statement is true.

Explanation:

A family’s socio-economic status is directly related to its standard of living. As one earns more money, their standard of living increases. From spending on necessities, they spend more on luxuries such as spas, house renovations, owning a bigger house/car, club and gymnasium memberships, abroad education and entertainment (theatres, workshops/events).