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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.

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Answers (1)
  1. 23 October, 05:49
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    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.
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