Which statement best explains the importance of real GDP per person?
A) It is a useful measure of economic growth.
B) It is a useful measure of the health of citizens.
C) It is a useful measure of the cost of living.
D) It is a useful measure of well-being.

Question

Quizplus · Accepted Answer

Real GDP per person is a useful measure of well-being as it provides an estimate of the average income and standard of living of the population. It takes into account changes in the economy, population growth, and inflation over time, allowing for comparisons to be made across different countries and time periods. However, it is important to note that real GDP per person alone does not capture all aspects of well-being such as income inequality, access to healthcare, and environmental sustainability.

Which Statement Best Explains the Importance of Real GDP Per