Economic progress is best measured by
A)the growth rate of prices over time.
B)the growth rate of GDP per capita.
C)the amount of working time needed for an individual worker to afford certain goods and services.
D)the annual growth rate in the population.

Question

Quizplus · Accepted Answer

The growth rate of GDP per capita is the most commonly used measure of economic progress as it takes into account the overall output of goods and services in a country, divided by the number of people in the population. This provides a measure of economic growth that is directly related to the standard of living of individuals in the country. The other options are not as comprehensive or relevant in measuring economic progress.

Economic Progress Is Best Measured by