Economics · Economic Growth and Development
Which of the following is considered the most comprehensive indicator of real qualitative economic development over time?
- 1An expansion of the agricultural sector output alone
- 2A rise in the Wholesale Price Index (WPI)
- 3An increase in the nominal Gross Domestic Product (GDP)
- 4A sustained increase in real per capita income and standard of living✓
Correct answer
A sustained increase in real per capita income and standard of living
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