Multiple choice

What would qualify as the best indicator of the change in the standard of living of the people of a country?

  1. Change in wholesale price index

  2. Change in per capital income

  3. Change in the value of the local currency

  4. None of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Per capita income (average income per person) is the most reliable indicator of changes in standard of living. It reflects actual purchasing power and economic well-being of individuals better than price indices or currency values, which can be influenced by external factors.

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