Growth in the standard of living is measured by the increase in

Question

Quizplus · Accepted Answer

The standard of living refers to people's level of economic well-being, which is typically measured by real GDP per person. Real GDP measures the total value of goods and services produced in an economy, adjusted for inflation, while dividing it by the population gives the per-person measure of economic output. Therefore, real GDP per person is the best indicator of growth in the standard of living. The other choices may be related but they do not directly measure the overall level of economic well-being.

Growth in the Standard of Living Is Measured by the Increase