A measure of living standard and the limitations of its use

QUESTIONS

1.     Define Gross Domestic Product (GDP) and discuss how it is used as a measure of living standard and the limitations of its use.

2.     What other indicators (list at least 3) can be used to supplement GDP as a measure of welfare?

3.     What is the difference between a final good and an intermediate good?

Chapter 12 Questions

1.     Why some countries grow faster that others?

2.     Discuss the factors that contribute to economic growth.

3. List and briefly describe the 17 Sustainable Development Goals (SDGs).

Solution: