A nation\'s standard of living is measured by its Select one: O a. real GDP O b.

Question

A nation's standard of living is measured by its Select one: O a. real GDP O b. real GDP per person. O c. nominal GDP O d. nominal GDP per person. Which of the following is the consumer price index used for? Select one: O a. to differentiate between gross national product and gross domestic product b. to turn dollar figures into meaningful measures of purchasing power O c. to characterize the types of goods and services that consumers purchase O d. to measure the quantity of goods and services that the economy produces O

Explanation / Answer

Answer 1: Option B.

The nation's standard of living is measured by its real GDP per person.

Answer 2 : Option B.

The CPI is used for turning dollar figures into meaningful measures of purchasing power,

Answer 3: Option A.

CPI is the basket of the goods and services in a given year divided by the price of the basket in previous year multiplied by 100.

Answer 4:

Option C. Real GDP = Nominal GDP / GDP Deflator * 100

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