Question

which would be the best indicator for comparing growth rates between countries, such as the U.S...

which would be the best indicator for comparing growth rates between countries, such as the U.S and China?
a) all of these
b) per captial GDP
c) nominal GDP
d) real GDP
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Answer #1

Nominal GDP represents total value of goods and services produced in the economy in a specified period of time.  

Whereas real GDP represents the gdp by excluding inflation from the total value of the goods and services.

Per capita GDP on the other hand measures the average income earned per person in the specified year in given area.

Out of these three, per capita gdp is considered as the best measure indicator of the growth rates as per capita gdp represents standard of living. It divides the total output of the country by its total population, which gives the insight how prosperous the country is to each of its citizens.

Thus per capita gdp would be the best indicator and is the correct answer.

Option b is the correct answer.

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