To compare the standard of living among nations, the most widely used economic indicator is the
Answer Details
To compare the standard of living among nations, the most widely used economic indicator is the real per capita income. Real per capita income is a measure of a country's economic output that accounts for inflation and population. It represents the average income per person in a country after adjusting for the cost of living.
Real per capita income provides a better indication of the actual purchasing power of individuals in a country, as it takes into account the effects of inflation on the cost of living. This makes it a more accurate measure of the standard of living in different countries, as it reflects how much people can actually buy with their income.
In summary, real per capita income is the most widely used economic indicator to compare the standard of living among nations because it provides a measure of the average income per person in a country, adjusted for inflation and population. This allows for a more accurate comparison of the purchasing power of individuals in different countries.