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Wheelan argues that although GDP is not the perfect measure of economic progress, we continue to use it to measure economic progress for all of the below reasons EXCEPT for this one: Group of answer choices All else equal, it is better for a nation to produce more goods and services than fewer.   Quality of life factors such as healthcare, leisure, protection of the environment, and stress, are not important, and therefore there is no need to develop a broader, more inclusive, measure of well-being than the GDP.    When GDP turns negative, the damage is real: jobs lost, businesses closed, productive capacity turned idle.

Wheelan argues that although GDP is not the perfect measure of economic progress, we continue to use it to measure economic progress for all of the below reasons EXCEPT for this one: Group of answer choices All else equal, it is better for a nation to produce more goods and services than fewer.   Quality of life factors such as healthcare, leisure, protection of the environment, and stress, are not important, and therefore there is no need to develop a broader, more inclusive, measure of well-being than the GDP.    When GDP turns negative, the damage is real: jobs lost, businesses closed, productive capacity turned idle.

Macroeconomics: Private and Public Choice (MindTap Course List)
Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter7: Taking The Nation's Economic Pulse
Section: Chapter Questions
Problem 15CQ
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Wheelan argues that although GDP is not the perfect measure of economic progress, we continue to use it to measure economic progress for all of the below reasons EXCEPT for this one:

Group of answer choices

All else equal, it is better for a nation to produce more goods and services than fewer.

 

Quality of life factors such as healthcare, leisure, protection of the environment, and stress, are not important, and therefore there is no need to develop a broader, more inclusive, measure of well-being than the GDP. 

 

When GDP turns negative, the damage is real: jobs lost, businesses closed, productive capacity turned idle.

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