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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

Why might per capita GDP be only an imperfect measure of a country’s standard of living?

To determine

The per capita GDP is a imperfect measure of living standard.

Explanation

Country’s standard of living is a broad concept while GDP only involves the goods and services produced and sold in the market but, the standard of living includes all the elements which affects life including the elements of GDP.

There are certain parameters which GDP excludes − That GDP nothing has to do with inequality, what type of technology and products are available in the market...

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