The best measure of the average living standards of people in the country is the
A) dollar value of final goods and services produced.
B) dollar value of final goods and services produced per person.
C) amount of final goods and services produced.
D) amount of final goods and services produced per person.
E) average price of final goods and services produced.

Question

Quizplus · Accepted Answer

The dollar value of final goods and services produced per person, also known as GDP per capita, is the best measure of average living standards as it accounts for the total economic output relative to the population size.

The Best Measure of the Average Living Standards of People