GDP Does NOT Measure the Well-Being of a Nation's Residents

question 407

Multiple Choice

GDP does NOT measure the well-being of a nation's residents because it

• A) excludes the sale of secondhand goods.
• B) excludes the value of intermediate goods.
• C) includes the value of final goods and services produced in the economy.
• D) excludes nonmarket transactions.

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Definitions:

Frequently Occurring

Refers to events or values that appear or happen often within a given dataset or timeframe.

Mode

A measure of location, defined as the value that occurs with greatest frequency.

Measure of Variability

Statistical indicators that describe the spread or dispersion within a data set, such as range, variance, or standard deviation.

Range

A measure of variability, defined to be the largest value minus the smallest value.