How do we precisely measure the standard of living in a nation or economy?

A. We use GDP only.

B. We use per capita GDP only.

C. We use distribution of income only.

D. No one number is enough.

Question

Social Studies

Isla Hawkins

15 May, 09:23

How do we precisely measure the standard of living in a nation or economy?

A. We use GDP only.

B. We use per capita GDP only.

C. We use distribution of income only.

D. No one number is enough.

+4

Answers (1)

Know the Answer?

William Lester · Answer 1

Gross Domestic Product (GDP) is the measure of a nation's total economy. It represents the value of all goods and services produced within a country over a specified period of time.

Hence the right answer is:

A. We use GDP only.

How do we precisely measure the standard of living in a nation or economy?A. We use GDP only.B. We use per capita GDP only.C. We use distribution of income only.D. No one number is enough.

How do we precisely measure the standard of living in a nation or economy?

A. We use GDP only.

B. We use per capita GDP only.

C. We use distribution of income only.

D. No one number is enough.