Why might the slower GDP growth from 1995 to 2014 experienced by Canadians not mean standards of living are rising more slowly than in the past?
A)Increases in the welfare payments have increased.
B)The benefits of many technological improvements aren't captured by GDP.
C)Falling oil prices mean gasoline is cheaper.
D)The falling environmental standards of the period meant Canadians traded a clean environment for GDP.
E)Fewer Canadians participated in the labour force during that period than in previous periods.

Question

Quizplus · Accepted Answer

GDP only measures the production of goods and services in the economy, and does not consider the impact of technological advancements that lead to higher standards of living, such as increased access to healthcare, education, and communication technologies. Therefore, slower GDP growth does not necessarily mean that standards of living are rising more slowly than in the past.

Why Might the Slower GDP Growth from 1995 to 2014