GDP measures the quality of life in a country, including factors such as health and education.Question 5Answera.Trueb.False

Real GDP per capita is not a perfect measure of wellbeing because: it does not include the operations of foreign-owned businesses. it is not adjusted for the effects of pollution. it indicates the consumption power of an average person in the economy. it is not adjusted for the effect of population size. it is not adjusted for inflation.

Changes in GDP can reflect changes in the overall level of economic activity within a country.Question 30Answera.Trueb.False

Many things that society values, such as good health, high-quality education, enjoyable recreation opportunities and desirable moral attributes of the population, are not measured as part of GDP, a. however, GDP is still a useful measure of society’s welfare because it measures a nation’s ability to consume b. therefore GDP is not a useful measure of society’s welfare unless is it measured per person c. however, GDP is still a useful measure of society’s welfare because these other attributes are the responsibility of government d. therefore GDP is not a useful measure of society’s welfare

Which of the following does NOT enter GDP?a.public serviceb.public educationc.life expectancyd.national defense

What might be missing considerations in GDP (Gross Domestic Product) measurement. Select all of the correct answersGroup of answer choicesLove based work and volunteer workRewarding production and consumption without considering wasteDebtShort term gainsNone of the above