A country's living standard is best measured by:

Question

Quizplus · Accepted Answer

Per capita real GDP takes into account both the size of the economy (GDP) and the number of people living in that economy (per capita) while adjusting for inflation (real). This provides a more accurate measurement of the average standard of living within the country, as it accounts for changes in purchasing power over time. Nominal GDP and per capita nominal GDP do not account for inflation, while real GDP does not take population size into account.

A Country's Living Standard Is Best Measured By