The best available measure of the standard of living in a country is:

Question

Quizplus · Accepted Answer

Real GDP per capita is a better indicator of the standard of living than nominal GDP per capita because it takes inflation into account. It provides a more accurate representation of the country's economic output and the average income of its residents. The unemployment rate is important but only measures the percentage of people actively looking for work who cannot find it. The growth rate of productivity is also important but only measures the efficiency of production, not necessarily the level of income and well-being of the population.

The Best Available Measure of the Standard of Living in a Country