Although imperfect, which of the following is used as a measure of the standard of living?
A)nominal GNP × population
B)nominal GDP × population
C)nominal GNP ÷ population
D)real GDP × population
E)real GDP ÷ population

Question

Quizplus · Accepted Answer

Real GDP ÷ population, also known as real GDP per capita, is used as a measure of the standard of living because it accounts for inflation and provides an average economic output per person.

Although Imperfect, Which of the Following Is Used as a Measure