Growth in GDP Systematically Understates the Growth in National Well-Being

question 144

Multiple Choice

Growth in GDP systematically understates the growth in national well-being because

• A)ecological costs are netted out of GDP.
• B)"bads" as well as "goods" get included in GDP.
• C)investment is not included in GDP.
• D)as a country gets richer, leisure time increases.

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Definitions:

Standardized

A process or method that has been made consistent and uniform across different instances or applications.

Norms

Shared expectations or rules of behavior that reflect and enforce values within a social group or culture.

Standard Deviations

A measure in statistics that quantifies the amount of variation or dispersion of a set of data values, indicating how much the data differs from the mean.

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