Answer:
The answer is (D) It can give us guidance on the living standards of a nation.
Explanation:
Gross domestic product is the market value of the total amount of goods and services that a country produces within a year. Also known as GDP, it is calculated by adding up the output, income, and expenditure in an economy. However, GDP is only an aggregate measure of an economy’s output – it is not exact. GDP is used to measure a country’s economy – not a business entity or firm; thus making the best answer (D), although it might be an imprecise way to measure living standards, compared to purchasing power parity (PPP) it can at least give us a general estimate of it.
Answer: D
Explanation: the only thing that is true of GDP is that when calculated on a per capita basis it provides some insight into living standards. If GDP per person goes up, living standards tend to rise as well - on a real per capita basis, it is a rough measure of living standards
