What measures provide an indicator about the standard of living of the populatio

Question

What measures provide an indicator about the standard of living of the population in the country? Name at least one of such measures and comment on its value in the US and other nations in the world. What country is ranked # 1 by the U.N. based upon the Human Development Index? What is the position of the US? Are you surprised? What country is the last one in the ranking? What factors are taken into account in the Human Development Index? In order to answer these questions, you may go, for example, to http://hdr.undp.org/ or http://hdr.undp.org/en/ then review the most recent

Explanation / Answer

Real national income when divided by population gives real per capita income,which is an indicator of standard of living.Therefore,national income statistics can be used to compare standard of living between countries and over time.However,there are some obvious snags of using national income statistics.Standard of living is not solely determined by real per capita income.It also depends on oter factors like leisure hours,hours of travel,amount of negative externalities and many more.

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