Wheelan argues that although GDP is not the perfect measure of economic progress, we continue to use it to measure economic progress for all of the below reasons EXCEPT for this one: Group of answer choices All else equal, it is better for a nation to produce more goods and services than fewer. Quality of life factors such as healthcare, leisure, protection of the environment, and stress, are not important, and therefore there is no need to develop a broader, more inclusive, measure of well-being than the GDP. When GDP turns negative, the damage is real: jobs lost, businesses closed, productive capacity turned idle.
Wheelan argues that although GDP is not the perfect measure of economic progress, we continue to use it to measure economic progress for all of the below reasons EXCEPT for this one: Group of answer choices All else equal, it is better for a nation to produce more goods and services than fewer. Quality of life factors such as healthcare, leisure, protection of the environment, and stress, are not important, and therefore there is no need to develop a broader, more inclusive, measure of well-being than the GDP. When GDP turns negative, the damage is real: jobs lost, businesses closed, productive capacity turned idle.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter32: Macroeconomic Policy Around The World
Section: Chapter Questions
Problem 30P: Retrieve the following data from The World Bank database (http //databank.worldbank. org/data/...
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Wheelan argues that although
Group of answer choices
All else equal, it is better for a nation to produce more goods and services than fewer.
Quality of life factors such as healthcare, leisure, protection of the environment, and stress, are not important, and therefore there is no need to develop a broader, more inclusive, measure of well-being than the GDP.
When GDP turns negative, the damage is real: jobs lost, businesses closed, productive capacity turned idle.
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