Question

GDP is used as the basic measure of a society's economic well-being. A better measure of the economic well-being of individuals in society is
a. GDP per person.
b. the consumption component of GDP.
c. government expenditures per person.
d. the level of business investment.

Answer 1

Answer:

a. GDP per person.

Explanation:

The gross domestic product is the sum of all final goods and services produced in an economy within a given period which is usually a year.

GDP = Consumption spending + Investment spending + Government Spending + Net Export

GDP per person = Real GDP / population.

The GDP per person calculates the standard of living of people in a country.

The higher the GDP per person, the higher the standard of living.

I hope my answer helps you