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.
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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.
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