One common measure of the "standard of living" in a nation is
A) real income per capita.
B) unemployment rate.
C) real GDP.
D) population size.

Question

Quizplus · Accepted Answer

Real income per capita is a widely accepted measure of the standard of living in a nation because it represents the amount of goods and services that the average person can afford to purchase. This takes into account changes in prices and adjusts for inflation, providing a more accurate representation of the purchasing power of an individual's income. Unemployment rate and population size do not necessarily reflect the quality of life or level of economic prosperity within a nation, while real GDP can be influenced by factors such as population growth and inflation.

One Common Measure of the "Standard of Living" in a Nation