In 2011, Armenia had a real GDP of approximately $4.21 billion and a population of 2.98 million. In 2012, real GDP was $4.59 billion and population was 2.97 million. From 2011 to 2012, Armenia's standard of living ________.

Question

Quizplus · Accepted Answer

The increase in real GDP from 2011 to 2012 suggests an increase in economic output, which could lead to a higher standard of living. However, without additional information on factors such as inflation and income distribution, it is difficult to determine the exact impact on the standard of living. Nevertheless, the most likely outcome is an increase in the standard of living.

In 2011, Armenia Had a Real GDP of Approximately $4