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Homework answers / question archive / GDP tends to overstate economic well-being because it takes into account (Points : 4)       improvements in product quality over time

GDP tends to overstate economic well-being because it takes into account (Points : 4)       improvements in product quality over time

Economics

GDP tends to overstate economic well-being because it takes into account (Points : 4)       improvements in product quality over time.
      expenditures undertaken to correct pollution.
      illegal activities of individuals and businesses.
      nonmarket activities, such as the productive work of homemakers.

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Option B.

  • GDP tends to over state Economic well being because it takes into account the Expenditures undertaken to correct pollution.
  • Here Expenditures refers to social costs which are related to pollution and consumption of products with adverse health effects.
  • Because some of the production activities are under taken in an Economy, pollution is created, hence GDP tends to over state social welfare.
  • The harmful effects of pollution are not deducted from GDP .It includes the payments made for over coming pollution.

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