Which of These Is the Best Measure of the Average

question 79

Multiple Choice

Which of these is the best measure of the average standard of living in an economy?

• A)The unemployment rate
• B)Nominal income
• C)Real GDP
• D)National debt
• E)Real GDP per capita

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Definitions:

Substitute

A person or thing acting or serving in place of another, often used in employment or ingredient contexts.

Credit Device

A mechanism or tool, such as a credit card or loan, that extends credit to borrowers for purchases or cash advances.

Nonnegotiable

Nonnegotiable describes an item that cannot be transferred or endorsed to another party, often because it is final and not open for discussion or modification.

Reference

An act of mentioning or alluding to something or someone, often used for validation, citation, or acknowledgment in academic or professional contexts.