The BEST available common measure of a nation's standard of living is:
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 size of the economy (real GDP) and divides it by the number of people in the country, giving a measure of the average income per person. This measure adjusts for inflation and reflects the real purchasing power of the economy's output. Therefore, real GDP per capita is the most appropriate and accurate common measure of a nation's standard of living.

The BEST Available Common Measure of a Nation's Standard of Living