Chapter 5: Standard of Living Flashcards
1
Q
Material SOL
A
Material SOL measures the quantity and quality of goods and services accruing to each person in the country
2
Q
Non-material SOL
A
Non-material SOL measures the intangible factors and focuses on quality of life
3
Q
Real GDP growth rate
A
Real GDP growth rate = Nominal GDP growth rate - Inflation rate
