) List two economically important activities not captured in GDP. (2 points) How can externalities cause increases in GDP to not adequately reflect increases in wellbeing? (2 points) What is another flaw of GDP as a measure of standard of living in addition to those just mentioned? (4 points) Although this measure has these flaws (and others) it is the most oft-referenced statistic when considering standard of living differences across countries. Why?
) List two economically important activities not captured in GDP. (2 points) How can externalities cause increases in GDP to not adequately reflect
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