The standard of living in a nation is measured by:

Question

Quizplus · Accepted Answer

The rate of growth of real gross domestic product per capita is considered the most accurate measure of the standard of living in a nation. Real GDP per capita measures the average output per person in a country, adjusted for inflation, which is essential in comparing the economic wellbeing of countries over time. Furthermore, this indicator reflects changes in productivity and the degree to which output growth is effectively shared among the population. In conclusion, a high real GDP per capita indicates a high standard of living for the population.

The Standard of Living in a Nation Is Measured By