The best measure of "growth in living standards" is increasing nominal GDP.

Name: The best measure of "growth in living standards" is increasing nominal GDP.
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Question

Quizplus · Accepted Answer

Increasing nominal GDP alone does not provide a complete measure of growth in living standards as it does not account for changes in population, income inequality, and distribution of resources. Other factors such as education, healthcare, and environmental sustainability also play important roles in determining living standards.

The Best Measure of "Growth in Living Standards" Is Increasing