Which of the following about GDP is NOT true?

A. It is calculated as the market value of all final goods and services produced in an economy over some period of time.
B. GDP is a better measure of standards of living than is GDP per capita.
C. It includes some economic activity that is a bad, such as environmental degradation.
D. It doesn't include all economic activity, such as household production.

Gross Domestic Product (GDP) is defined as the total value of all final goods and services produced within a country in a given period of time. It serves as a standard metric in evaluating economic welfare and growth, although it has limitations in providing a comprehensive view of well-being.

GDP includes some economic activities that can be considered negative, such as environmental degradation. However, it does not capture all economic activities, like household production, leading to gaps in its measurement.

Measuring standards of living is usually better done through GDP per capita which accounts for the population size, providing a more accurate representation of individual economic well-being compared to just GDP.

Learn more about Gross Domestic Product (GDP) here:

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