Gross domestic product (GDP) is a poor measure of social well-being because:

A) the value of leisure time is included in GDP accounting.
B) the revenue earned through exports is ignored.
C) each dollar of government spending is valued at less than one-half of private spending.
D) consumer spending is more important than business spending and should be considered more valuable.
E) it values products at their market prices but ignores services produced.

Gross Domestic Product

GDP stands for Gross Domestic Product and refers to the sum of the monetary or market value of all final goods and services that are produced within the confines of a nation during a given time frame.

Social Well-Being

The condition of an individual or group in terms of their mental, emotional, and physical health and their ability to interact successfully with others in society.

Leisure Time

Free time available to an individual after dedicating time to work, chores, and other obligatory activities, often used for relaxation or hobbies.