GDP and Welfare Quiz
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Questions and Answers

What does GDP measure?

  • The total value of goods and services produced in a country (correct)
  • The inequality within a country
  • The unemployment rate in a country
  • The average income of the population

    • How does GDP relate to the overall welfare of a country's citizens?

  • It provides an indication of the economic activity but does not fully capture the welfare of citizens (correct)
  • GDP is the sole indicator of the welfare of citizens
  • GDP directly reflects the happiness and well-being of citizens
  • GDP includes all aspects of citizens' welfare

    • What are some limitations of using GDP as a measure of welfare?

  • GDP accounts for all aspects of citizens' well-being
  • GDP is the most comprehensive measure of welfare
  • It does not consider income inequality and environmental degradation (correct)
  • GDP accurately measures the standard of living in a country

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