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8. Discuss why the Real GDP is a good measure of a countries economic well being...

8. Discuss why the Real GDP is a good measure of a countries economic well being and why it is a poor measure.

a. (5 points) Why is the real GDP a good measure.

b. (5 points) Why is the real GDP a poor measure.

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Answer #1

a. Real GDP is a good measure as it tells about the purchasing power of nation. With the increase in REAL GDP it tells about creation of wealth and increase in per capita Real GDP which is a direct measure to assess the growth.

b. Real GDP is not a good measure as it does not tell about the health and quality of life being led by the individuals of a nation. It fails to account leisure time, environmental quality, level of education, changes in inequality of income etc.

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