One common measure of the "standard of living" in a nation is

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Per capita real income is a measure of the average real income earned by individuals in a nation. It takes into account the actual purchasing power of income, considering inflation and price changes over time. This measure reflects the material wellbeing of a nation's population and is often used as an indicator of a nation's standard of living. The other options, such as unemployment rate, real GDP, and population size, while important, do not provide as direct of an insight into the overall standard of living in a nation.

One Common Measure of the "Standard of Living" in a Nation