1. What is a standard of living? What factors affect the quality of life? 2. Are consumption patterns related to quality of life? Explain. 3. What is average propensity to consume? Is it possible for...

1. What is a standard of living? What factors affect the quality of life?

2. Are consumption patterns related to quality of life? Explain.

3. What is average propensity to consume? Is it possible for two people with very different incomes to have the same average propensity to consume? Why?