GDP is an accurate measure of both the standard of living and the distribution of income within a country.

Question

Quizplus · Accepted Answer

GDP only measures the total economic output of a country and does not take into account factors such as income inequality, quality of life, and access to resources which are important in determining the standard of living and income distribution within a country. Other measures such as the Human Development Index (HDI) and the Gini coefficient are used to provide a more comprehensive picture of these aspects.

GDP Is an Accurate Measure of Both the Standard of Living