The table below shows the real GDP and population data for Vesperia between 2021 and 2023.
| Year | Real GDP (£ billions) | Population (millions) |
|---|---|---|
| 2021 | 180 | 12.0 |
| 2022 | 195 | 12.5 |
| 2023 | 200 | 13.5 |
Which one of the following is the most likely consequence of the change in Vesperia’s macroeconomic indicators between 2022 and 2023?
An increase in average material living standards due to the expansion of aggregate real output.
A reduction in aggregate labor productivity, caused by a contraction in total economic output.
A rise in the average real income per person because of positive economic growth.
A decline in average material living standards, because population growth outpaced real GDP growth.
