ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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GPD per person.
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All answers are correct.
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Inflation rate.
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The unemployment growth rate.
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Detailed explanation-1: -Economic well-being measures like GDP per capita and inflation and employment trends. Distribution statistics such as real GDP growth by industry, real personal income per capita by state, and the distribution of personal income across households.
Detailed explanation-2: -Because most people would prefer to receive higher income and enjoy higher expenditure, GDP per person seems a natural measure of the economic well-being of the average individual.
Detailed explanation-3: -GDP ignores the welfare component as the goods and services produced may or may not add to the welfare to a society. For example, the production of goods, like guns, narcotic drugs, high-end luxurious goods increase the monetary value of production, but they do not add to the welfare of the majority of population.