GDP is
A)a perfect measure of the standard of living.
B)a perfect measure of the value of production.
C)a measure which includes the value of all newly produced goods and services.
D)an imperfect measure of the standard of living.
E)the only factor that affects our standard of living.

Question

Quizplus · Accepted Answer

GDP is an imperfect measure of the standard of living because it only measures the value of goods and services produced, not the distribution of that production among the population or the quality of life of individuals. Other factors, such as income inequality, education, health, and environmental sustainability, also play a role in determining the overall standard of living.

GDP Is