A Reasonable Measure of the Standard of Living in a Country

question 18

Multiple Choice

A reasonable measure of the standard of living in a country is

• A) real GDP per capita.
• B) nominal GDP per person.
• C) real GDP.
• D) the growth rate of nominal GDP per person.
• E) nominal GDP.

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Definitions:

Agreement

An understanding or arrangement reached between two or more parties, either formally or informally.

Enforce

Refers to the act of compelling observance or compliance with a law, rule, or obligation.

Contract

A legally binding agreement between two or more parties, enforcing obligations and rights in relation to the agreement.

Fraudulently Misrepresentation

An intentionally false representation of fact made by one party to another, with the intent to deceive and for the purpose of inducing the other party to act or refrain from acting in reliance on it.