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Defined as an aggregate measure of production equal

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Defined as an aggregate measure of production equal [#permalink]

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New post 01 Apr 2018, 22:29
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Defined as an aggregate measure of production equal to the sum of the gross values added of all resident institutional units engaged in production, plus and taxes, and minus any subsidies, on products not included in the value of their outputs, GDP is a basic standard to measure the standard of living in a country and in turn the economic well-being of the population. However, critics are of the opinion that national GDP figures do not reveal significant regional variations in output, employment and incomes per head of population. They justly contend that within each region there are areas of relative prosperity contrasting with unemployment black-spots and deep-rooted social and economic deprivation and that GDP figures on their own do not represent the distribution of income and the uneven spread of financial wealth.

The idea that rising national prosperity can still be accompanied by rising relative poverty is rightly at the heart of the criticism meted out for using GDP as a measure of the general well-being of the population of a region. Changes such as increase in pollution and other negative externalities can accompany rising national output. Also, output figures reflect nothing but little on the quality of goods and services produced. Not to mention that the quality of life for many could be severely diminished if the increase in national output has been achieved at the expense of the leisure time of the workers working longer than usual hours.


1.The author is primarily concerned with
A. defining a concept while presenting two sides of an argument
B. presenting the merits and demerits of a phenomenon
C. describing the criticism meted out to the use of a parameter for a specific purpose
D. criticizing a particular usage of a concept
E. evaluating a phenomenon on the basis of certain unconventional, non-economic parameters


2.Which of the following can be inferred from the passage?
A. In countries where there is little disparity in the distribution of wealth, GDP is the best measure of standard of living.
B. Increase in pollution and other negative changes negate any increase in national output.
C. An increase in the overall goods produced by a nation does not on its own signify a corresponding increase in the quality of these goods.
D. The quality of life suffers when workers work for long hours.
E. A country with a high GDP is very likely to have uneven spread of financial wealth.


3.Which of the following is mentioned in the passage?
A. Unemployment black spots and social deprivation are two of the biggest threats to any economy.
B. An increase in national prosperity is most likely accompanied by an increase in relative poverty.
C. Even when there is an equal distribution of wealth, GDP fails as a measure of the income of a country.
D. There is an inverse relationship between an increase in the output of goods in a country and the quality of this output.
E. The usage of GDP as a measure of standard of living is linked to measuring the economic health of the population.


4. Which of the following most aptly describes the function of the first paragraph?
A. To define and criticize the basis of an economic term
B. To criticize the effort to ignore the marginalized sections in a society by using a particular measure
C. To evaluate a particular term that is little understood by most countries
D. To introduce criticism against a particular use of a concept
E. To discuss measures that can increase the relevance of a particular concept

[Reveal] Spoiler: Question #1 OA
[Reveal] Spoiler: Question #2 OA
[Reveal] Spoiler: Question #3 OA
[Reveal] Spoiler: Question #4 OA

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Re: Defined as an aggregate measure of production equal [#permalink]

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New post 02 Apr 2018, 13:48
Skywalker18 wrote:
Defined as an aggregate measure of production equal to the sum of the gross values added of all resident institutional units engaged in production, plus and taxes, and minus any subsidies, on products not included in the value of their outputs, GDP is a basic standard to measure the standard of living in a country and in turn the economic well-being of the population. However, critics are of the opinion that national GDP figures do not reveal significant regional variations in output, employment and incomes per head of population. They justly contend that within each region there are areas of relative prosperity contrasting with unemployment black-spots and deep-rooted social and economic deprivation and that GDP figures on their own do not represent the distribution of income and the uneven spread of financial wealth.

The idea that rising national prosperity can still be accompanied by rising relative poverty is rightly at the heart of the criticism meted out for using GDP as a measure of the general well-being of the population of a region. Changes such as increase in pollution and other negative externalities can accompany rising national output. Also, output figures reflect nothing but little on the quality of goods and services produced. Not to mention that the quality of life for many could be severely diminished if the increase in national output has been achieved at the expense of the leisure time of the workers working longer than usual hours.
1.The author is primarily concerned with
A. defining a concept while presenting two sides of an argument
B. presenting the merits and demerits of a phenomenon
C. describing the criticism meted out to the use of a parameter for a specific purpose
D. criticizing a particular usage of a concept
E. evaluating a phenomenon on the basis of certain unconventional, non-economic parameters


2.Which of the following can be inferred from the passage?
A. In countries where there is little disparity in the distribution of wealth, GDP is the best measure of standard of living.
B. Increase in pollution and other negative changes negate any increase in national output.
C. An increase in the overall goods produced by a nation does not on its own signify a corresponding increase in the quality of these goods.
D. The quality of life suffers when workers work for long hours.
E. A country with a high GDP is very likely to have uneven spread of financial wealth.


3.Which of the following is mentioned in the passage?
A. Unemployment black spots and social deprivation are two of the biggest threats to any economy.
B. An increase in national prosperity is most likely accompanied by an increase in relative poverty.
C. Even when there is an equal distribution of wealth, GDP fails as a measure of the income of a country.
D. There is an inverse relationship between an increase in the output of goods in a country and the quality of this output.
E. The usage of GDP as a measure of standard of living is linked to measuring the economic health of the population.


4. Which of the following most aptly describes the function of the first paragraph?
A. To define and criticize the basis of an economic term
B. To criticize the effort to ignore the marginalized sections in a society by using a particular measure
C. To evaluate a particular term that is little understood by most countries
D. To introduce criticism against a particular use of a concept
E. To discuss measures that can increase the relevance of a particular concept





Took 6.5 minutes to complete the passage. Got the 4th one wrong.


Overall Good question.
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Re: Defined as an aggregate measure of production equal [#permalink]

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New post 03 Apr 2018, 17:43
Please post OE for 4th one.
May I know the source?

Skywalker18 wrote:
Defined as an aggregate measure of production equal to the sum of the gross values added of all resident institutional units engaged in production, plus and taxes, and minus any subsidies, on products not included in the value of their outputs, GDP is a basic standard to measure the standard of living in a country and in turn the economic well-being of the population. However, critics are of the opinion that national GDP figures do not reveal significant regional variations in output, employment and incomes per head of population. They justly contend that within each region there are areas of relative prosperity contrasting with unemployment black-spots and deep-rooted social and economic deprivation and that GDP figures on their own do not represent the distribution of income and the uneven spread of financial wealth.

The idea that rising national prosperity can still be accompanied by rising relative poverty is rightly at the heart of the criticism meted out for using GDP as a measure of the general well-being of the population of a region. Changes such as increase in pollution and other negative externalities can accompany rising national output. Also, output figures reflect nothing but little on the quality of goods and services produced. Not to mention that the quality of life for many could be severely diminished if the increase in national output has been achieved at the expense of the leisure time of the workers working longer than usual hours.
1.The author is primarily concerned with
A. defining a concept while presenting two sides of an argument
B. presenting the merits and demerits of a phenomenon
C. describing the criticism meted out to the use of a parameter for a specific purpose
D. criticizing a particular usage of a concept
E. evaluating a phenomenon on the basis of certain unconventional, non-economic parameters


2.Which of the following can be inferred from the passage?
A. In countries where there is little disparity in the distribution of wealth, GDP is the best measure of standard of living.
B. Increase in pollution and other negative changes negate any increase in national output.
C. An increase in the overall goods produced by a nation does not on its own signify a corresponding increase in the quality of these goods.
D. The quality of life suffers when workers work for long hours.
E. A country with a high GDP is very likely to have uneven spread of financial wealth.


3.Which of the following is mentioned in the passage?
A. Unemployment black spots and social deprivation are two of the biggest threats to any economy.
B. An increase in national prosperity is most likely accompanied by an increase in relative poverty.
C. Even when there is an equal distribution of wealth, GDP fails as a measure of the income of a country.
D. There is an inverse relationship between an increase in the output of goods in a country and the quality of this output.
E. The usage of GDP as a measure of standard of living is linked to measuring the economic health of the population.


4. Which of the following most aptly describes the function of the first paragraph?
A. To define and criticize the basis of an economic term
B. To criticize the effort to ignore the marginalized sections in a society by using a particular measure
C. To evaluate a particular term that is little understood by most countries
D. To introduce criticism against a particular use of a concept
E. To discuss measures that can increase the relevance of a particular concept


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Re: Defined as an aggregate measure of production equal [#permalink]

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New post 04 Apr 2018, 15:37
Can Anyone explain Ques1. Why not C ?
Thanks in advance
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Defined as an aggregate measure of production equal [#permalink]

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New post 07 Apr 2018, 16:32
narayandutta wrote:
Can Anyone explain Ques1. Why not C ?
Thanks in advance


I can try to.

So, if you try to get a "general feel" about the passage you will understand that the author is mainly criticizing the application/usage of GDP as a measure of a nation's economic health. The author provides several aspects of their rationale expanding on their thinking.

Choice C says "describing the criticism meted out to the use of a parameter for a specific purpose" and this question needs to you to get REALLY pedantic about whether the author really was "DESCRIBING a criticism" or was "criticizing themselves by providing their own points or rationale". Once you get down to this level of being (rather annoyingly) specific, you will eliminate this option and subsequently pick D. Does that help?
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Re: Defined as an aggregate measure of production equal [#permalink]

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New post 08 Apr 2018, 17:40
Skywalker18 Hi, I was wondering could you please post the OE for each of the questions? Would greatly appreciate it!
Re: Defined as an aggregate measure of production equal   [#permalink] 08 Apr 2018, 17:40
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