Which of the following best measures improvements in the standard of living of a nation?

Question

Quizplus · Accepted Answer

Real GDP per capita is a better measure of improvements in the standard of living because it shows the average economic output per person in the country, taking into account changes in population and inflation. Growth of nominal GDP and national income do not account for inflation, which can lead to false impressions of economic growth. Growth of real GDP does account for inflation, but it does not take into account changes in population, which can also affect the standard of living.

Which of the Following Best Measures Improvements in the Standard