Which of the following is the best indicator of standard of living?
A)Nominal GDP
B)Real GDP
C)Real GDP per capita
D)Productivity
E)Productivity per unit of labor

Question

Quizplus · Accepted Answer

Real GDP per capita takes into account both the total output of a country and the population size. This gives a better indication of the standard of living as it measures the average output per person. Nominal GDP and Real GDP do not take into account changes in population size, while productivity measures do not directly reflect the well-being of individuals in a country.

Which of the Following Is the Best Indicator of Standard