Arguments Against Replacing GDP with a Broader Measure of Living

question 147

Multiple Choice

Arguments against replacing GDP with a broader measure of living standards include all of the following EXCEPT

• A) most users of GDP accounts would not like to see them replaced by something else.
• B) a broader measure of living standards would require subjective valuations of many difficult-to-measure activities.
• C) GDP should co-exist with broader measures of living standards,but should not be replaced by them.
• D) changes to the definition of output in the GDP accounts could not be made in isolation without also making changes to the definition of employment,for the sake of consistency.
• E) replacing GDP with a broad measure of living standards would call for input from non-economists.

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Definitions:

Labor Force

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Supply and Demand

A fundamental economic model describing how prices vary based on the balance between the availability of a product (supply) and the desire for that product (demand).

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The term "Corrupt Bargain" refers to the controversial outcome of the 1824 United States presidential election, where John Quincy Adams was elected President by the House of Representatives despite Andrew Jackson having more popular and electoral votes, allegedly due to a deal made with Henry Clay.

Presidential Election

The process by which a country's citizens select their head of state, in countries where the president serves as both the head of state and government, often through a direct vote or an electoral college.