Which of the following is the most appropriate measure of a nation's standard of living?
A)real GDP
B)real GDP per person
C)nominal GDP
D)nominal GDP per person

Question

Quizplus · Accepted Answer

Real GDP per person is the most appropriate measure of a nation's standard of living because it takes into account the size of the population. Real GDP per person reflects the average level of economic well-being of the people in a country, which is a better indicator of the standard of living than just looking at the total GDP or nominal GDP. Real GDP adjusts for inflation, which allows for a more accurate comparison of economic output over time.

Which of the Following Is the Most Appropriate Measure of a Nation's