GDP is a good measure of:
A)relative welfare in various countries.
B)relative prices in various countries.
C)relative living standards in various countries.
D)market activities at market prices.

Question

Quizplus · Accepted Answer

GDP measures the total value of all goods and services produced over a specific time period within a country's borders. It is calculated at market prices, reflecting the sum of all market activities. Therefore, it is a good measure of market activities at market prices. It does not directly measure welfare, prices, or living standards, as these factors can be influenced by various other elements not captured by GDP alone.

GDP Is a Good Measure Of