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Questions and Answers
What does GDP measure?
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?
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?
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
