Final answer:
Gross Domestic Product (GDP) effectively measures a nation's economic health by calculating the total value of goods and services produced within a given year.
Step-by-step explanation:
An effective means of measuring a nation's economic health is through its Gross Domestic Product (GDP). GDP represents the total monetary value of all goods and services produced within a country's borders in a given year. It is calculated by taking the quantities of all goods and services produced, multiplying them by their prices, and summing up the total. This measure reflects what is bought and sold in the economy and can be viewed either through the sum of what is purchased or what is produced.
The other options presented, such as minimum wage levels, estate taxes, and the price of consumer goods, while providing economic insights, do not encompass the economy's overall size and health as effectively as GDP. GDP gives a comprehensive overview and is often used to compare the economies of different nations, as well as to measure economic growth and standards of living when adjusted for population.