Which of the following measures how the level of well-being in a country has changed over time?
A)level of nominal GDP per person.
B)growth rate of nominal GDP.
C)growth rate of real GDP.
D)growth rate of real GDP per person.

Question

Quizplus · Accepted Answer

The growth rate of real GDP per person is a better measure of how the level of well-being in a country has changed over time than the other options because it adjusts for changes in population and inflation, providing a more accurate representation of changes in the standard of living. Nominal GDP per person and the growth rate of nominal GDP do not account for changes in inflation, which can lead to misleading results. The growth rate of real GDP accounts for inflation but does not adjust for changes in population, while the growth rate of real GDP per person takes both into consideration.

Which of the Following Measures How the Level of Well-Being