The Best Measure Economists Have of How Successful a Country

question 33

Multiple Choice

The best measure economists have of how successful a country is in providing a high standard of living to its residents is

• A) net worth.
• B) nominal GDP.
• C) real GDP per capita.
• D) national income.

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Definitions:

Centralized

Refers to systems or processes that are controlled by a single central authority.

Labor Union

An organized association of workers formed to protect and further their rights and interests regarding wages, benefits, and working conditions.

Negotiations

The process in which two or more parties discuss an issue with the goal of reaching a mutually acceptable agreement.

National Labor Relations Board

An independent US agency that enforces the NLRA by addressing labor disputes and ensuring fair labor practices.