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?

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A: Disclaimer- “Since you have asked multiple question, we will solve the first three sub parts for you…

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A: Intermediate goods are used for making other goods for selling them to customers.

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A: Disclaimer- “Since you have asked multiple question, we will solve the first three question for you…

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A: Hello, thank you for the question. Since there are multiple questions posted in the single question,…

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