The measure most commonly used by economists to gauge the standard of living of a nation is:

Question

Quizplus · Accepted Answer

Real GDP per capita is the most commonly used measure to gauge the standard of living of a nation because it takes into account both the size of the economy (real GDP) and the size of the population (per capita). This means that it reflects the average income and level of economic activity per person in the country, and is therefore a good indicator of overall well-being and material prosperity. Other measures, such as nominal GDP or labor productivity, may be important in certain contexts, but they do not capture the standard of living as comprehensively as real GDP per capita.

The Measure Most Commonly Used by Economists to Gauge the Standard