An article in the Economist stated, “The appeal of GDP is that it offers, or seems to, a summary statistic of how well an economy is doing.” a. In what sense does GDP offer a summary statistic of how...

An article in the Economist stated, “The appeal of GDP is

that it offers, or seems to, a summary statistic of how well

an economy is doing.”

a. In what sense does GDP offer a summary statistic of

how well an economy is doing?

b. Why qualify the statement about GDP as a summary

statistic by including the phrase “or seems to”?

Source: “The Euro-Area Economy: Speeding Up,” Economist, May 6,

2017.