In Australia, between 1959/60 and 2017/18, there has been
i. a consistent, non-changing growth rate of potential GDP per person.
ii. an increase in the standard of living based on real GDP per person.
iii. fluctuations in real GDP per person around potential GDP per person.
A) i only
B) i, ii and iii
C) i and ii only
D) ii only
E) ii and iii

Question

Quizplus · Accepted Answer

ii. Real GDP per person is a common measure of the standard of living, and an increase in this metric over time indicates an improvement in the standard of living. iii. It is typical for real GDP per person to fluctuate around the potential GDP per person due to various economic cycles and external factors.

In Australia, Between 1959/60 and 2017/18, There Has Been