Which of the Following Is the Best Measure for Comparing

question 11

Multiple Choice

Which of the following is the best measure for comparing the standard of living across countries?

• A) productivity
• B) gross national product
• C) real gross national product
• D) real gross national product per person

---

Definitions:

Lower Total Costs

Achieving a reduction in the aggregate amount of expenditures necessary for production or provision of services.

Price Discrimination

The strategy of selling the same product to different customers at different prices, based on their willingness to pay.

Deadweight Loss

Deadweight Loss is the loss of economic efficiency that occurs when the equilibrium for a good or service is not achieved, often due to market distortions like taxes or subsidies.

Single-Price Monopolist

A monopolist that charges all consumers the same price for its product or service.