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Economic Affairs Development and Indicators

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Standard of living of a nation can be judged by

Increase in GNP at factor cost

Increase in GNP at cost including taxes and duties

Increase in NNP at factor cost

None of the above

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Explanation:

The standard of living is measured by things that are easily quantified, such as income, employment opportunities, cost of goods and services, and poverty. Factors such as life expectancy, the inflation rate, or the number of paid vacation days people receive each year are also included.

Hint: Indices like HDI, MPI, Happiness index and Gender Index measure the standard of living of a healthy nation.