Explain what GDP is and how is it measured. Evaluate the validity of using GDP as a
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Question:
- Explain what GDP is and how is it measured.
- Evaluate the validity of using GDP as a measure of economic output.
- Assess the validity of using GDP as a measure of social progress. Which elements (e.g., education levels, carbon dioxide emissions, gender/racial inequality) does GDP not consider?
- Identify and describe two alternative (multidimensional) metrics that take into consideration more than the exchange value of economic output. Do those metrics capture social progress/well-being? Explain.
- Explain if public officials focus exclusively—or even principally—on economic growth as a measure of economic policy success. Which other factors are also salient? Why?
Expert Answer:
Understanding GDP What is GDP Gross Domestic Product GDP is a monetary measure of the total value of all final goods and services produced within a co... View the full answer
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