Answer the question completely and correctly. 1. Critics charge that GNP is grossly inadequate in so far as measuring national economic welfare is concerned, They assert that as a goal, it distorts national priorities, does not improve or may even worsen the distribution of income and irreparably damage the environment. Is this true? In what aspects can GNP be a measure of economic welfare and performance?

Answer the question completely and correctly. 1. Critics charge that GNP is grossly inadequate in so far as measuring national economic welfare is concerned, They assert that as a goal, it distorts national priorities, does not improve or may even worsen the distribution of income and irreparably damage the environment. Is this true? In what aspects can GNP be a measure of economic welfare and performance?

Survey of Economics (MindTap Course List)

9th Edition

ISBN:9781305260948

Author:Irvin B. Tucker

Publisher:Irvin B. Tucker

Chapter11: Gross Domestic Product

Section: Chapter Questions

Problem 13SQ

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Answer the question completely. 1. Critics charge that GNP is grossly inadequate in so far as measuring national economic welfare is concerned, They assert that as a goal, it distorts national priorities, does not improve or may even worsen the distribution of income and irreparably damage the environment. Is this true? In what aspects can GNP be a measure of economic welfare and performance?
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Explain why GDP may not always be the best measure of economic welfare.
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Explain concisely whether the statement is true or false: The GDP of a country does provide an accurate indicator of welfare of its citizens
GDP is very widely used throughout the world as a measure of Economic health. Give an example, either real or a scenario, that shows a flaw with using GDP as the only indicator of the well being of a society.
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