Chapter 25: QfR-1 (page: 573) What does the level of a nation's GDP measure What does the growth rate of GDP measure
{"Image DocumentName": "Chapter 25: QfR-1 (page: 573)What does the level of a nation\u2019s GDP measure? What does the growth rate of GDP measure?", "Image ImageDescription": "Would you rather live in a nation with a high level of GDP and a low growth rate, or in a nation with a low level and a high growth rate? ANSWER: The level of a nation\u2019s GDP measures both the total income earned in the economy and the total expenditure on the economy\u2019s output of goods and services. The level of real GDP is a good gauge of economic prosperity, and the growth of real GDP is a good gauge of economic progress. You would rather live in a nation with a high level of GDP, even though it had a low growth rate, than in a nation with a low level of GDP and a high growth rate, because the level of GDP is a measure of prosperity.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}