The Best Measure of the Standard of Living Is

question 124

Multiple Choice

The best measure of the standard of living is

• A)nominal GDP.
• B)real GDP.
• C)nominal GDP per capita.
• D)real GDP per capita.
• E)the unemployment rate.

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Definitions:

Population

The entire group of individuals or instances about whom the study is focused, from which a sample may be drawn for analysis.

Census

A comprehensive collection and analysis of data about every member of a population at a specific point in time.

Sample

A subset of a population selected for measurement, observation, or questioning to provide statistical information about the population.

Postal Sampling Frames

The process of using postal addresses as a source or list from which to draw samples for research studies.