Which would be the best economic measure to compare standards of living among nations over time?
A)changes in labour productivity
B)changes in real domestic output
C)changes in real GDP per capita
D)changes in nominal income per capita

Question

Quizplus · Accepted Answer

Real GDP per capita takes into account changes in population and inflation, providing a more accurate measure of the average person's standard of living in a country over time. Labour productivity (A) and real domestic output (B) can increase without necessarily resulting in improved standards of living for the general population, while nominal income per capita (D) does not account for inflation.

Which Would Be the Best Economic Measure to Compare Standards