12. Muscat, the Capital of Oman, stands at 105th position globally in terms of standard of living as per the 2019 quality of living city ranking (Source: Mercer). Standard of living refers to the level of wealth, comfort, material goods and necessities available to a certain socioeconomic class in a certain geographic area. Moreover, standard of living depends on a country's production. Do you agree with the above statement that standard of living depends on a country's production? Why? Support your arguments with suitable examples. (10 Points)