The Statement That "GDP Values All Output Equally" Means That

question 108

Multiple Choice

The statement that "GDP values all output equally" means that

• A)household production is treated the same as production by firms
• B)depreciation of manufactured capital is treated the same as depletion of natural resources
• C)the purchase of pollution control equipment is valued the same as the pollution itself
• D)leisure time is valued the same as time spent working at a job
• E)the market price of output is the measure of that output's value

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Definitions:

Personal Virtue

The quality of moral excellence, righteousness, and responsibility that is an aspect of one's character.

Moral Impulse

The human instinct to behave morally.

Absolutism

A political doctrine and form of government where unlimited, complete power is held by a single individual, often a monarch or dictator, or a centralized authority.

Ethical Decisions

Choices based on moral principles and values, often considering the well-being of others and the broader society.