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

Question

Quizplus · Accepted Answer

Real GDP per capita (Real GDP divided by population) is the most commonly used measure of standard of living. Real GDP adjusts for inflation, thus providing a more accurate picture of economic growth than nominal GDP. By dividing by population, we arrive at a measure that represents the average income of a population.

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