How is the standard of living measured.? A the GDP plus the GNP B by the real GDP per capita C total production output per year D aggregate supply minus aggregate demand
GDP can be contrasted with gross national product (GNP) or gross national income (GNI). The difference is that GDP defines its scope according to location, while GNP defines its scope according to ...
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User: How is the standard of living measured.? A the GDP plus the GNP B by the real GDP per capita C total production output per year D aggregate supply minus aggregate demand

Note: The money we make, area we live in and bills determine our standard of living. If you make \$50,000 and live in rural Idaho, then you are considered 'well-off' and comfortable. [ If you make the same amount of money, but live in Seattle, then you are considered barely afloat and probably poor. Housing market is much different in Seattle, than some rural town in Idaho. You will pay less than \$100,000 for a 4 bedroom house with tons of space inside and out in Idaho. In Seattle, that same house will cost closer to \$500,000. So it all depends on where you live and how much you make. Overall quality of life Read more: http://wiki.answers.com/Q/How_is_the_standard_of_living_measured#ixzz2GBtq6umW ]

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Weegy: GDP can be contrasted with gross national product (GNP) or gross national income (GNI). The difference is that GDP defines its scope according to location, while GNP defines its scope according to ownership. [ In a global context, world GDP and world GNP are, therefore, equivalent terms. GDP is product produced within a country's borders; GNP is product produced by enterprises owned by a country's citizens. The two would be the same if all of the productive enterprises in a country were owned by its own citizens, and those citizens did not own productive enterprises in any other countries. In practice, however, foreign ownership makes GDP and GNP non-identical. Production within a country's borders, but by an enterprise owned by somebody outside the country, counts as part of its GDP but not its GNP; on the other hand, production by an enterprise located outside the country, but owned by one of its citizens, counts as part of its GNP but not its GDP. To take the United States as an example, the U.S.'s GNP is the value of output produced by American-owned firms, regardless of where the firms are located. Similarly, if a country becomes increasingly in debt, and spends large amounts of income servicing this debt this will be reflected in a decreased GNI but not a decreased GDP. Similarly, if a country sells off its resources to entities outside their country this will also be reflected over time in decreased GNI, but not decreased GDP. This would make the use of GDP more attractive for politicians in countries with increasing national debt and decreasing assets. http://en.wikipedia.org/wiki/Gross_domestic_product ]

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