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In the UK in 1995 GDP at current prices was about £700 bn. In 2008 it...

In the UK in 1995 GDP at current prices was about £700 bn. In 2008 it was about £1400 bn. Which of the following statements are correct:-

a)         people were twice as well off in 2008 as they had been thirteen years earlier.
b)         the increase in living standards is of the order of 100%
c)         it is impossible to say by how much living standards rose if one only has this information
d)         on average and other things being equal we can say that people were spending twice as much as thirteen years previously.

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Answer #1

Ans: C) it is impossible to say by how much living standards rose if one only has this information

Explanation:

Real GDP per capita is used to measure the standard of living of people in a country. Real GDP considers inflation rate in the calculation .GDP at current price is know as nominal GDP where the inflation rate is not adjusted in its calculation. GDP is the final value all goods and service produced within the country in a given period of time using current market price. In the above case we can conclude that  it is impossible to say by how much living standards rose if one only has this information.

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