Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
which of the statement is true?
Transcribed Image Text:If GDP is higher in one country than another, other human development
indicators will necessarily be higher as well.
Growth of GDP has nothing to do with any measures of human well-being.
One country may have a higher GDP than another country but be behind in
important human development indicators.
GDP growth is always the best measure of economic progress.
Expert Solution
Step 1
GDP is a tool to measure growth in an economy. It is a quantitative measure and doesn't incorporate structural changes in the economy.
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