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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

List some of the reasons why economists should not consider GDP an effective measure of the standard of living in a county.

To determine

Reasons for which GDP is not an effective measure of the standard of living are to be determined.

Explanation

GDP per capita is the GDP of a country divided by its population which is used to measure the standard of living. However, it is not the best method to measure it as it also does not include migration and well-being which cannot be measured by GDP. Size of economies varies; countries have different expenditure on healthcare and education...

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