Which of the following measures how the level of well-being in a country has changed over time?

Question

a. Level of nominal GDP per person
b. Growth rate of real GDP
c. Growth rate of real GDP per person
d. Growth rate of nominal GDP

Answer 1

The correct option that measures how the level of well-being in a country has changed over time is:

c. Growth rate of real GDP per person

This measure accounts for changes in the actual output of goods and services in an economy (real GDP) while also adjusting for population changes, providing a better indication of individual well-being and living standards over time.