Which of the following is true of gross domestic product? a. it only measures output. b. it only measures income. c. it is an exact measure of output. d. it can give us guidance on the living standards of a nation. e. it can be used to measure a firm’s output.

The answer is (D) It can give us guidance on the living standards of a nation.

Explanation:

Gross domestic product is the market value of the total amount of goods and services that a country produces within a year. Also known as GDP, it is calculated by adding up the output, income, and expenditure in an economy. However, GDP is only an aggregate measure of an economy’s output – it is not exact. GDP is used to measure a country’s economy – not a business entity or firm; thus making the best answer (D), although it might be an imprecise way to measure living standards, compared to purchasing power parity (PPP) it can at least give us a general estimate of it.

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