ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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GDP is a measure of
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the standard of living of a population.
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human well being.
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the effectiveness of government economic management.
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that part of a nation’s output than can be fairly accurately measured.
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Explanation:
Detailed explanation-1: -GDP is an accurate indicator of the size of an economy and the GDP growth rate is probably the single best indicator of economic growth, while GDP per capita has a close correlation with the trend in living standards over time.
Detailed explanation-2: -Real gross domestic product (GDP) is a more accurate reflection of the output of an economy than nominal GDP.
Detailed explanation-3: -GDP is a misleading measure of national wealth and wellbeing. Many key goods, including peacefulness, environmental protection or family bonding, are not measured in GDP because they do not involve transactions.
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