Question

In three to four sentences, mention two factors that are not included in real GDP per capita but are included in another standard-of-living measurement.

Answer 1

GDP per capita is not a good measure of the standard of living because there is no attention paid to the price level in GDP per capita. For example, your GDP could be really high such as in places like Japan(largest economy in the world at the moment) so their GDP per capita is high. However, their cost of living is also very high(due to lack of land area) leading to a low standard of living.