The primary value of GDP lies in its ability to
A)reflect the welfare of a society relative to a previous period.
B)compare the quality of a nation's products between two periods widely separated in time.
C)indicate short-term changes in the output rate of a nation.
D)indicate how much leisure time the people of a nation have.

Question

Quizplus · Accepted Answer

The primary value of GDP is to indicate short-term changes in the economic output of a nation. It measures the value of all goods and services produced in a country within a specific period, usually a year or a quarter, and serves as an important indicator of the country's economic performance. It also provides information about the level of economic activity, employment, and inflation, among other economic indicators. GDP is not an accurate measure of welfare or the quality of a country's products, nor does it provide information about the leisure time of the people.

The Primary Value of GDP Lies in Its Ability to