Question

Which of the following about GDP is NOT true? a. GDP is a better measure of...

Which of the following about GDP is NOT true?

a. GDP is a better measure of standards of living than is GDP per capita

b. It is calculated as the market value of all final goods and services produced in an economy over some period of time

c. It includes some economic activity that is a bad, such as environmental degradation

d. It doesn’t include all economic activity, such as household production

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer) Option A & C is not true i.e GDP is a better measure of standards of living than is GDP per capita and  It includes some economic activity that is a bad, such as environmental degradation because GDP values only market value of final goods and services. It does not take into account the value of monetary value of environmental degradation. And Real GDP is a better measure of standard of living and not nominal GDP.

Hence option A & C is the correct answer.

Note: Please like my answer and comment for further clarification, it's urgent.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
This week’s discussion topic is about Gross Domestic Product (GDP), Per Capita GDP and Quality of...
This week’s discussion topic is about Gross Domestic Product (GDP), Per Capita GDP and Quality of Life. GDP is the market value of all final goods and services produced in an economy in a year. Per Capita GDP is GDP/Population and shows how much of total GDP is theoretically available to each individual in the society. Per Capita GDP is the normal measure of Standard of Living when comparing nations. Quality of Life has no standard definition. It is broader...
This week’s discussion topic is about Gross Domestic Product (GDP), Per Capita GDP and Quality of...
This week’s discussion topic is about Gross Domestic Product (GDP), Per Capita GDP and Quality of Life. GDP is the market value of all final goods and services produced in an economy in a year. Per Capita GDP is GDP/Population and shows how much of total GDP is theoretically available to each individual in the society. Per Capita GDP is the normal measure of Standard of Living when comparing nations. Quality of Life has no standard definition. It is broader...
The Gross Domestic Product or GDP is the monetary measure production of final goods and services...
The Gross Domestic Product or GDP is the monetary measure production of final goods and services within the boundary of the United States in a financial year or specific period. The GDP tells us if the economy is expanding due to producing more goods and services or contracting due to less output. Anything that it is built in the United States contributes to the figures instead of abroad. The Gross Domestic Product or GDP does not measure the quality of...
Real GDP is a more accurate measure of an economy's production than nominal GDP because: Select...
Real GDP is a more accurate measure of an economy's production than nominal GDP because: Select one: A. Real GDP includes the value of exports, but nominal GDP does not B. Real GDP does not include the value of intermediate goods and services, but nominal GDP does C. Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy consumes D. Real GDP is not...
Which of the following statements is true? a There are two ways to measure economic growth:...
Which of the following statements is true? a There are two ways to measure economic growth: An increase in real GDP over a long period of time, and an increase in real GDP per capita over a long period of time. b During recessions, real GDP growth rate is positive. c GDP per capita allows us to compare countries of different sizes. d All of the above. e Only a) and c) Question 2 (1 point) Which of the following...
24.   A measure of GDP in which quantities produced are valued at current-year prices is called:...
24.   A measure of GDP in which quantities produced are valued at current-year prices is called: A. real GDP. B. nominal GDP. C. base GDP. D. physical GDP. 25. In the base year real GDP ______ nominal GDP. A. is greater than B. is less than C. is equal to D. could be greater or less than 28. Bob's Barber Shop cut 3,000 heads of hair in the year 2005 and 3,100 in the year 2006. The price of a...
1- Which of the following is included in a measure of GDP? spending on public infrastructure...
1- Which of the following is included in a measure of GDP? spending on public infrastructure spending on non-market transactions like painting your house spending on used goods 2 - Which of the following describes inflation? It increases the real value of anything expressed in dollars. It is an increase in the cost of a given basket of goods. It can occur only when many goods are falling in price. It means that the price of every good and service...
GDP and Economic Growth 22 unread replies.22 replies. Respond to the following prompts in a post...
GDP and Economic Growth 22 unread replies.22 replies. Respond to the following prompts in a post with a minimum of 150 words, then comment on at least TWO other posts. Gross Domestic Product was designed as a measure of economic activity, specifically a measure of national production. Despite this intent, GDP is widely interpreted as a measure of economic welfare or standard of living (when measured in per capita terms). What are the shortcomings of using GDP as a measure...
Gross domestic product (GDP) equals the ____ of final_____ produced within a country during a given...
Gross domestic product (GDP) equals the ____ of final_____ produced within a country during a given period of time A) quantity; goods and services B) market value; goods C) market value; goods and services D) market value; services GDP is a measure of an economy's: A) domestic price level. B) total output C) level of unemployment D) domestic productivity Suppose that the total production of an economy consists of 4 oranges and 10 candy bars, each orange sells for $0.25,...
Select the correct answer: The market value of all the final goods and services produced within...
Select the correct answer: The market value of all the final goods and services produced within a country in a given time period is (GDP; investment). (Net exports of goods and services; Net Taxes) equals the value of exports minus the value of imports. (Real; Nominal) GDP values production during the year using constant prices while ____ (real; nominal) GDP values production using prices that prevailed during the year. (Consumption expenditure; Investment) is the largest component of GDP. (Real GDP...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT