To evaluate the change in average living standards over time,it is best to use
A) the inflation rate.
B) GDP.
C) the literacy rate.
D) real GDP per capita.
E) the employment rate.

Question

Quizplus · Accepted Answer

Real GDP per capita is the best choice as it takes into account both changes in GDP (which reflects the output of the economy) and changes in population. By adjusting for inflation, we can compare living standards across different time periods. Other factors like literacy rate and employment rate can also give insights but in terms of measuring living standards, real GDP per capita is the most reliable measure.

To Evaluate the Change in Average Living Standards Over Time,it