If we use GDP to measure our standard of living,then our procedure is
A)inaccurate because our standard of living does not depend only on goods and services.
B)accurate because our standard of living depends solely on goods and services.
C)inaccurate because our standard of living has nothing to do with goods and services.
D)inaccurate because our standard of living only depends on used goods and services.
E)accurate only if we use nominal GDP rather than real GDP.

Question

Quizplus · Accepted Answer

While GDP is a useful way to measure a country's economic output, it is not a comprehensive measure of a country's overall standard of living. Factors such as income inequality, access to healthcare and education, and environmental quality also play a significant role in determining overall well-being. Therefore, relying solely on GDP to measure our standard of living would be inaccurate.

If We Use GDP to Measure Our Standard of Living,then