GDP is often used as a measure of well-being. Is it a reasonable measure of well-being? If so, why does Norway with its high standard of living have a relatively low GDP? Why do India and China, with their relatively low standards of living have some of the highest GDP in the world?

According to the table, Canada has the eleventh-highest GDP among the countries with the largest economies in the world. Does this mean Canada also has the eleventh-best standard of living? Fill in the blanks to complete the passage. World's Largest Economies by GDP, 2013 (1) (2) Country (3) (4) Per capita GDP (U.S. dollars) Rank 2013 GDP (billions of U.S. dollars) $53,042 United States $16,768 1 6,807 2 China 9,240 38,634 3 Japan 4,920 46,269 4 Germany 3,730 42,503 5 France 2,806 United Kingdom 41,787 6 2,678 11,208 7 Brazil 2,246 2,149 35,926 8 Italy 18,783 Russia 2,097 1,499 10 India 1,877 11 Canada 1,827 51,958 Drag word(s) be low to fill in the blank(s) in the passage. Canada's GDP is a that Canadians have the eleventh-best standard of living. A nation's better standard-of-living indicator, because it measures Using this measure, it looks like Canada has a better standard of living than all but one other nation. total productivity indicates does not indicate per capita GDP average…

Considering the strengths and weaknesses of GDP as a measure of a nations "well-being," how do you think we should change the way we measure GDP, if we want it to be a better measure of our "well-being?"  In other words, nations around the world use GDP as a measure of how well they are doing, and they use changes in GDP as a way to gauge if they are doing better or worse than they were the last time they measured GDP.  What specific changes do you think a nation should adopt so that GDP is a better measure of how well-off that nation is?  It is not sufficient to write about the problems with the the way GDP is measured; provide your ideas on how - considering those problems - we can make GDP a better measure of how well-off we are.  Keep in mind if something is to be included in the GDP, it must be able to be put in monetary units (US dollars, in the case of the US).  So if you suggest something should be included, you need to explain how it would be measured (or estimated) in…

Discuss what the shortcomings (limitations) of GDP as a measure of well-being and welfare of a nation are?