Question

GDP a. is used to monitor the performance of the overall economy and is the single best measure of a society’s economic well-being. b. is not used to monitor the performance of the overall economy but is the single best measure of a society’s economic well-being. c. is used to monitor the performance of the overall economy but is not the single best measure of a society’s economic well-being. d. is not used to monitor the performance of the overall economy and is not the single best measure of a society’s economic well-being.

Answer 1

c. is used to monitor the performance of the overall economy but is not the single best measure of a society’s economic well-being

Step-by-step explanation:

GDP is the sum of the values of all goods and services produced by an economy in a given period. GDP is the best indicator for analyzing the wealth produced by an economy as a whole as it aggregates all production of goods and services. However, this is not a good indicator for analyzing economic well-being. For example, a nation may have a high GDP but be highly unequal in income. Therefore, there are other, more accurate indicators for assessing social welfare, such as the Human Development Index and the Gini Index.