Which of the following indicates that the average standard of living is rising?
A) Real GDP decreases faster than the price level.
B) Real GDP increases faster than the price level.
C) The population increases.
D) Real GDP increases faster than the population.
E) Population increases faster than real GDP.

Question

Quizplus · Accepted Answer

When real GDP increases faster than the population, it indicates that the average amount of goods and services available per person is rising, suggesting an improvement in the standard of living.

Which of the Following Indicates That the Average Standard of Living