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Which measure should it prefer if it cares about the total

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1. Goods and services that are not sold in markets, such as food produced and consumed at home, are generally not included in GDP. Can you think of how this might cause the numbers in the second column of Table 22-3 to be misleading in a comparison of the economic well being of the United States and India? Explain.

2. Until the early 1990s, the U.S. government emphasized GNP rather than GDP as a measure of economic wellbeing. Which measure should the government prefer if it cares about the total income of Americans? Which measure should it prefer if it cares about the total amount of economic activity occurring in the United States?

Reference no: EM13340069

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