Which of the following measures a nation's standard of living?
A)real GDP
B)real GDP per person
C)nominal GDP
D)nominal GDP per person

Question

Quizplus · Accepted Answer

Real GDP per person is the best measure of a nation's standard of living as it accounts for population size and inflation. Real GDP measures the total output of goods and services in a given year, while nominal GDP only takes into account the current market value of goods and services. However, real GDP per person takes into account population size and is adjusted for inflation, which provides a better understanding of the overall standard of living of a nation's citizens.

Which of the Following Measures a Nation's Standard of Living