Which of the Following Is Used to Calculate the Standard

question 131

Multiple Choice

Which of the following is used to calculate the standard of living?

• A)Real GDP/aggregate hours
• B)Real GDP/population
• C)((Real GDP in the current year - real GDP in previous year)/real GDP in previous year)× 100
• D)(Nominal GDP/real GDP)× 100

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Definitions:

Adam Smith

An 18th-century Scottish economist and philosopher, widely considered the father of modern economics, best known for his works on the principles of free market and the "invisible hand" concept.

Own Interests

Actions or decisions driven by personal benefits or gains, often discussed in the context of economic behavior or political decision-making.

Public Interest

The well-being and general benefit of the community or society at large, often guiding government policy and legal decisions.

Adam Smith

An 18th-century Scottish economist and philosopher known as the father of modern economics, famous for his work "The Wealth of Nations."