If You Attempted to Determine If the Standard of Living

Multiple Choice

If you attempted to determine if the standard of living of a country has increased by looking only at changes in its nominal gross domestic product (GDP) ,what would you be missing?

A) the fact that nominal GDP includes all economic activity,including sales of used goods and illegal goods
B) the fact that nominal GDP only considers changes in the price level but ignores changes in population
C) the fact that an increase in nominal GDP normally means that standards of living are falling,not rising
D) the fact that,in the long run,nominal GDP is the best measure of overall economic growth
E) the fact that an increase in nominal GDP does not necessarily mean that standards of living are rising,due to changes in prices and the population