Answer
Level of GDP measures both total income earned in an economy and total expenditure on the economy's output of good. GDP is used to gauge the standard of living and well-being in a country. GDP will measure prosperity and wealth countries with better GDP generally have higher life expectancy and a higher standard of living.
Work Step by Step
This is a simple definition question. What is GDP and how does it affect well-being? Think how higher GDP benefits a country.
