Many Things That Society Values, Such as Good Health, High-Quality

question 162

Multiple Choice

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. It follows that

• A)GDP is not a useful measure of society's welfare.
• B)GDP is still a useful measure of society's welfare because providing these other attributes is the responsibility of government.
• C)GDP is still a useful measure of society's welfare because it measures a nation's ability to purchase the inputs that can be used to help produce the things that contribute to welfare.
• D)GDP is still the best measure of society's welfare because these other values cannot actually be measured.

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Liability

A legal obligation or responsibility to another party, often resulting in the requirement to pay damages or compensation.

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The process of transferring large amounts of funds from one institution to another, usually facilitated through electronic systems.

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