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

Monica Jennings

Social Studies

23 October, 05:43

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?

Sandra Valencia · 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.