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Real GDP in the United States is roughly 4 times as large as the next largest...

Real GDP in the United States is roughly 4 times as large as the next largest economy in the world, yet in a survey conducted by the Gallup Organization between 2005 and 2009, the United States ranked 14th in the proportion of survey respondents reporting that they were "thriving." In light of results like this, is real GDP a useful measure of a nation's well-being? Why or why not?

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Answer #1

Ans. No , Sometimes in cases like these , Real GDP might not be a very useful measure to indicate the well being of a Nation because real GDP just shows the total amount of production in the economy in a particular year. The most significant measure can be : Per Capita Income , Growth Rate etc.

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