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

Question

Quizplus · Accepted Answer

Real GDP per person is a better measure of standard of living as it measures the total economic output of a country relative to the number of people in that country. It takes into account changes in both population and inflation, providing a more accurate picture of how the economy is changing and how people's lives are improving or declining over time. Population, real GDP, wages, and inflation are important economic indicators but do not capture changes in standard of living as comprehensively as real GDP per person.

Suppose India Wants to Measure How Much the Standard of Living