A Good Measure of the Standard of Living Is

question 177

Multiple Choice

A good measure of the standard of living is

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

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Definitions:

Outsourcing

The business practice of hiring a party outside a company to perform services or create goods that were traditionally performed in-house by the company's own employees and staff.

Few Suppliers

A sourcing strategy where a company relies on a limited number of suppliers for its materials or components.

Technological Change

Technological change involves the invention, innovation, and diffusion of new technologies or processes, significantly impacting productivity and societal practices.

Vertical Integration

A strategy where a company expands its operations to include different stages of production and distribution within its industry.