GDP is used as the basic measure of a society's economic well-being. What is a better measure of the economic well-being of individuals in society?
A) GDP per person
B) the consumption component of GDP
C) government expenditures per person
D) the level of business investment

Question

Quizplus · Accepted Answer

GDP per person (or per capita) provides a better measure of the economic well-being of individuals in a society because it divides the total output of the country by the number of people, thereby giving an average output or income per person. This helps in understanding the standard of living of the average individual in the society more accurately than total GDP.

GDP Is Used as the Basic Measure of a Society's