Question

sizing up the economy using gdp — end of chapter problem jeremiah expressed his disdain for the economic reports he heard on the news. “all economists care about is increasing gdp,” he said. “i wish economists cared about living conditions and well - being instead of just some economic indicator.” how could you acknowledge the shortcomings of gdp to jeremiah, while also showing him how gdp functions as both an economic indicator and a measure of well - being? while it is true that gdp calculations omit such things as international trade, state and local government purchases, the value of leisure time, nonmarket activities, the value of output services, the quality of life, total output and income, overall social welfare, it is still a us

Explanation:

GDP is an economic indicator. It has limitations in measuring well - being as it omits non - market activities like the value of leisure time, and does not fully capture the quality of life or overall social welfare. To better measure well - being, we could consider factors such as the value of non - market services, the quality of life, and overall social welfare in addition to GDP.

Answer:

The value of leisure time, nonmarket activities, the quality of life, overall social welfare.