Asked by Sarah Fruchtman on Jun 18, 2024
Verified
Which of the following is used to measure and compare the economic outputs in Canada and other nations?
A) Human Development Index (HDI)
B) Canadian Index of Well-being (CIW)
C) gross domestic product (GDP)
D) genuine progress indicator (GPI)
Economic Outputs
The total value of all goods and services produced by an economy over a specific period of time.
Gross Domestic Product
The total value of all goods and services produced within a country over a specific time period.
Human Development Index
A composite statistic of life expectancy, education, and per capita income indicators, which are used to rank countries into four tiers of human development.
- Comprehend the various metrics utilized for assessing the wellness of ecosystems and economic frameworks.
Verified Answer
AK
Aliya KabdiyevaJun 20, 2024
Final Answer :
C
Explanation :
Gross domestic product (GDP) is a commonly used measure to compare economic outputs between nations. It measures the total value of goods and services produced within a country's borders during a specific time period. It is a widely recognized economic statistic and is used frequently by governments, businesses, and economists to compare the economic performance of different countries. The Human Development Index (HDI), Canadian Index of Well-being (CIW), and genuine progress indicator (GPI) are other indicators used to measure well-being and progress, but they do not specifically measure economic outputs in the same way that GDP does.
Learning Objectives
- Comprehend the various metrics utilized for assessing the wellness of ecosystems and economic frameworks.