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

Question

Quizplus · Accepted Answer

Real GDP per capita takes into account inflation and population size, providing a more accurate measure of a country's standard of living on a per person basis. Nominal GDP and nominal GDP per capita do not adjust for inflation, which can lead to misleading comparisons over time or between countries with different inflation rates. Real GDP also adjusts for inflation but does not account for population size.

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