Which of the following is the best measure of a nation's standard of living?
A) nominal GDP
B) market GDP
C) real GDP per capita
D) nominal GDP per capita

Question

Quizplus · Accepted Answer

Real GDP per capita takes into account the inflation-adjusted value of all goods and services produced in a country, and divides it by the population. This provides a more accurate measure of the average income and standard of living of people in a country, as it accounts for changes in the cost of living over time. Nominal GDP and nominal GDP per capita do not account for inflation, and market GDP is not a commonly used measure.

Which of the Following Is the Best Measure of a Nation's