The best measure economists have of how successful a country is in providing a high standard of living to its residents is
A) net worth.
B) nominal GDP.
C) real GDP per capita.
D) national income.

Question

Quizplus · Accepted Answer

Real GDP per capita is the best measure as it takes into account both economic output and population size, providing an estimate of a country's economic performance relative to its population. It also factors in inflation, providing a more accurate assessment of the standard of living. Net worth only considers assets minus liabilities and does not provide a comprehensive view of economic development. Nominal GDP does not account for inflation, and national income does not account for population size.

The Best Measure Economists Have of How Successful a Country