Real GDP underestimates well-being because it does not include the value of leisure time.

Name: Real GDP underestimates well-being because it does not include the value of leisure time.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Real GDP only counts the value of goods and services produced and does not take into account leisure time or activities that do not involve the production of goods and services. Therefore, it underestimates well-being because it does not measure the value of leisure time or other non-monetary aspects of well-being.

Real GDP Underestimates Well-Being Because It Does Not Include the Value