A Weakness in the Concept of GDP Is That It

question 169

True/False

A weakness in the concept of GDP is that it ignores income distribution.

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Definitions:

Taft-Hartley Act

A 1947 United States federal law that restricts the activities and power of labor unions.

Lockout

A tactic used by employers to pressure employees by temporarily closing the business during a labor dispute to compel workers to accept company terms.

Labor Union Membership

Involvement in an organization that represents the collective interests of workers in negotiations with employers over wages, benefits, and working conditions.

Labor Force

The total number of people employed or seeking employment in an economy.