Which of the following is the best indicator of the standard of living?
A)nominal GDP
B)real GDP
C)real GDP per capita
D)productivity
E)productivity per unit of labor

Question

Quizplus · Accepted Answer

Real GDP per capita measures the economic output of a country per person, taking into account inflation. This provides a more accurate picture of the standard of living and economic well-being of individuals within the country, as it adjusts for changes in the cost of living over time. Nominal GDP and real GDP do not account for population size, while productivity and productivity per unit of labor only measure the efficiency of production, not the overall well-being of individuals within the country.

Which of the Following Is the Best Indicator of the Standard