The variable used by economists as the best broad indicator of a nation's standard of living is
A)real GDP per person.
B)real GDP.
C)the capital-labor ratio.
D)the capital-output ratio.
E)multifactor productivity.

Question

Quizplus · Accepted Answer

Real GDP per person, also known as real GDP per capita, measures the total output of a country adjusted for inflation and divided by the country's population. This measure provides a rough estimate of the average standard of living in a country, as it takes into account both economic growth and population growth.

The Variable Used by Economists as the Best Broad Indicator