ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Real GDP
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Life expectancy
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Diet and Nutrition
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Freedom and Justice
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All of the above are used to determine standard of living and quality of life
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Detailed explanation-1: -The standard of living is measured by things that are easily quantified, such as income, employment opportunities, cost of goods and services, and poverty. Factors such as life expectancy, the inflation rate, or the number of paid vacation days people receive each year are also included.
Detailed explanation-2: -Standard of living is the amount of goods and services available to purchase in a country. Real GDP per capita and Gross National Income per capita are the two most common ways to measure the standard of living. GDP measures all transactions within a country’s boundary, while GNI includes those who live abroad.
Detailed explanation-3: -Answer and Explanation: Real GDP per capita is adjusted for inflation and the size of the population, so it measures the average purchasing power of the people in an economy, and is the best measure of a country’s standard of living.