The standard of living is often measured by ?
Correct answer: A. Real GDP per capita
- A. Real GDP per capita
- B. Real GDP
- C. Real GDP population
- D. Real GDP plus depreciation
Explanation
Real GDP per capita divides inflation-adjusted output by population, so it approximates the average quantity of goods and services available per person. Nominal GDP can rise merely because prices increased.
Report an error
The more specific you are, the faster it gets fixed. A source beats an opinion.
Prefer email? [email protected]
About Macroeconomics
The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
Practise Macroeconomics
1,499 free Macroeconomics MCQs from Economics, each with the correct answer and an explanation. Unlimited attempts, no account needed.
Discussion
Stuck on an option, or know a faster way to get there? Ask or explain it here.
No comments yet. Be the first to explain this one.
Exams that ask Economics questions like this
Economics is on 3 papers prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for every one of them.
More Macroeconomics questions
The value of plant and equipment worn out in the process of manufacturing goods and services is measured by ?
Gross Domestic Product is the sum of the market value of the ?
If a cobbler buys leather for Rs100 and thread for Rs50 and uses them to produce and sell Rs500 worth of shoes to consumers the contribution to GDP is ?
Net National Product equals ?
If your grandparents buy a newly built retirement home, this transaction would affect ?
How is your purchase in Pakistan of a Rs40,000 BMW automobile that was produced entirely in Germany recorded in the Pakistan's GDP accounts ?