What are shortcomings of using GDP to measure the standard of living? Select the correct answer below: GDP ignores all social aspects of life. GDP does not account for all kinds of work. GDP does not take into account environmental degradation. All of the above.

All of the above.

Explanation:

Gross domestic product is the sum of all final goods and services produced in an economy within a given period which is usually a year.

GDP calculated using the expenditure approach is given as :

Consumption spending + Investment spending + Government Spending + Net Export

In this equation, there's no measure for accounting for pollution or environmental degradation, happiness, joy or good health.

Also, goods produced or services rendered that are not sold aren't included in GDP

I hope my answer helps you

$16,000

Explanation:

Calculation to determine what The margin of safety in dollars is closest to

First step is to calculate the Contribution margin ratio using this formula

Contribution margin ratio=Contribution margin/Sales

Let plug in the formula

Contribution margin ratio=(128,000/320,000)

Contribution margin ratio=0.4

Second step is calculate the breakeven sales using this formula

Breakeven sales=(Fixed cost/Contribution margin ratio)

Let plug in the formula

Breakeven sales=121600/0.4

Breakeven sales=$304,000

Now let determine the Margin of safety using this formula

Margin of safety=Total sales-Breakeven sales

Let plug in the formula

Margin of safety=320,000-304,000

Margin of safety=$16,000

Therefore The margin of safety in dollars is closest to: $16,000