Which of the following statements is correct? A. GDP includes nonmarket production but is not a measure of a nation's overall welfare. B. GDP includes nonmarket production and is therefore a good measure of a nation's overall welfare. C. GDP excludes nonmarket production but is usually considered a good measure of a nation's overall welfare. D. GDP excludes nonmarket production and is not a measure of a nation's overall welfare.

Question

Rishi

Business

31 March, 23:37

Which of the following statements is correct? A. GDP includes nonmarket production but is not a measure of a nation's overall welfare. B. GDP includes nonmarket production and is therefore a good measure of a nation's overall welfare. C. GDP excludes nonmarket production but is usually considered a good measure of a nation's overall welfare. D. GDP excludes nonmarket production and is not a measure of a nation's overall welfare.

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Answers (1)

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Mary Haley · Answer 1

B. GDP includes non market production and is therefore a good measure of a nation's overall welfare

Explanation:

A GDP is a total values of the goods and the services that are produced within a given country border and thus is the most common measure of measuring the country in terms of the size of the economy. Thus can tell the health of the country and is the monetary value of all the goods and services. The non market activities include the production of the food at homes these services don't account for the in-country GDP.