Final answer:
The nominal GDP per capita figures do not conclusively determine the standard of living as GDP per capita is just a rough approximation. Standard of living includes various non-economic factors and China's GDP per capita is lower due to its larger population, indicating on average, a lower standard of living compared to the US.
Step-by-step explanation:
The nominal GDP per capita figures from the World Bank showing that the United States' nominal GDP per capita is approximately $69,300 while China's is approximately $12,600 do not conclusively determine the standard of living in either country. Option D) It's not possible to compare the standard of living based solely on nominal GDP per capita is the most accurate answer. While GDP per capita is a useful economic indicator of a country's productive capabilities and average income distribution among its population, it does not provide the full picture of standard of living, which also includes non-economic factors such as health, education, and environmental quality. Thus, GDP per capita can give us only a rough approximation of living standards.
Furthermore, China's significantly larger population compared to that of the United States means that its GDP per capita is lesser. Although China has been growing rapidly and has the second-largest GDP, the Chinese people, on average, are still quite poor relative to the United States and other developed countries. Economic policies designed to increase productivity, deepen capital, and advance technology can help improve the standard of living over time.