A Country's Living Standard Is BEST Measured By

question 63

Multiple Choice

A country's living standard is BEST measured by:

• A) per capita nominal GDP.
• B) real GDP.
• C) nominal GDP.
• D) per capita real GDP.

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Definitions:

Unattainable

Refers to goals, objects, or conditions that cannot be achieved or reached, often due to existing limitations.

Full Employment

A situation in an economy in which all who are willing and able to work at prevailing wage rates are employed.

Production Possibility Frontier

A graphical representation showing the maximum combination of goods and services that can be produced with available resources and technology.

Resources Scarcity

The economic condition of limited natural resources available to meet the unlimited wants and needs of people.