Which of the following statements best explains the importance of real GDP per person?
A)It shows the rate of economic growth.
B)It measures a country's wealth.
C)It provides a measure of the cost of living.
D)It is a useful measure of well-being.

Question

Quizplus · Accepted Answer

Real GDP per person is a useful measure of well-being because it reflects the average economic output per person in a country. Higher real GDP per person generally indicates a higher standard of living for the population, as it provides individuals with higher incomes and greater access to goods and services. Additionally, real GDP per person can be used to compare the economic well-being of individuals across different countries or over different time periods. However, it should be noted that real GDP per person is just one measure of well-being and does not take into account other factors such as income inequality, environmental sustainability, or overall happiness and quality of life.

Which of the Following Statements Best Explains the Importance of Real