GDP data are criticized as being inaccurate measures of economic welfare because

Question

Quizplus · Accepted Answer

All of the choices listed are valid criticisms of GDP data as an accurate measure of economic welfare. GDP only takes into account the value of final goods and services produced within a country's borders, and does not account for many factors that could impact the well-being of individuals, such as changes in leisure time, product quality, and negative externalities on the environment. Additionally, it does not consider non-monetary factors such as psychic income, which represent the benefits derived from non-material sources such as enjoyment, fulfillment, or social interaction.

GDP Data Are Criticized as Being Inaccurate Measures of Economic