Measures That Include Noneconomic Indicators Are Better Than the Gross

question 42

True/False

Measures that include noneconomic indicators are better than the gross national product is at revealing our quality of life.

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Definitions:

Inelastic

A term describing a situation in which the quantity demanded or supplied of a good or service is relatively unresponsive to changes in price.

Elastic

Describes a situation in which the demand for a good or service significantly changes in response to changes in price.

Elastic

Describes a situation where the demand for a product or service significantly changes in response to a change in its price.

Price Elastic

Relating to the responsiveness of the demand or supply of a good or service to changes in its price.