Which of the following is the best measure of living standards for an economy?

Question

Quizplus · Accepted Answer

GDP per capita is the best measure of living standards for an economy as it takes into account the total output of goods and services (GDP) and divides it by the population of the country. This provides a more accurate measure of the average economic well-being of each individual in the country. GDP per worker (A) does not account for differences in population size or labor force participation rates. Nominal GDP (B) does not adjust for inflation or changes in prices over time. Population growth (D) is not a measure of living standards but rather a demographic trend.

Which of the Following Is the Best Measure of Living