Suppose China wants to measure how much the standard of living has changed over the last decade.Which piece of data should China use?

Question

Quizplus · Accepted Answer

Real GDP per person is the best choice as it measures the economic output of a country per person, which reflects the overall standard of living. It takes into account changes in both inflation and population, providing a more accurate measure of economic well-being compared to just looking at wages or GDP.

Suppose China Wants to Measure How Much the Standard of Living