The Human Development Index Was Proposed Because

question 3

Multiple Choice

The Human Development Index was proposed because

• A) of the limitations of real GDP as a measure comparing the standard of living in different nations.
• B) people confuse nominal GDP and real GDP.
• C) nominal GDP and real GDP are subjective measures.
• D) the GDP deflator changes if the base year is changed.
• E) different nations have different populations.

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Definitions:

Price Ceiling

A restriction enforced by authorities on the top price allowable for goods, services, or resources.

Quantity Demanded

The amount of a good or service that consumers are willing and able to purchase at a specific price.

Physicals

Refers to physical commodities or assets, as opposed to financial instruments or derivatives, that are traded or examined.

Price Ceiling

A government-imposed limit on how high a price can be charged on a product or service, intended to protect consumers.