National Income and Related Aggregates-GDP and Welfare (CBSE Class-12 Economics): Questions 1 - 2 of 2

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Question number: 1

» National Income and Related Aggregates » GDP and Welfare

Appeared in Year: 2011

Essay Question▾

Describe in Detail

Explain how ‘distribution of gross domestic product’ is a limitation in taking gross domestic product as an index of welfare.

Explanation

Gross domestic product is included in market value of goods and services. Gross domestic product is index of welfare depending on distribution of income in economy.

Welfare of people decreases because of increase in Gross domestic product and output causes increase in the income. Some people remain derived

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Question number: 2

» National Income and Related Aggregates » GDP and Welfare

Essay Question▾

Describe in Detail

Give the meaning of Nominal GDP and Real GDP. Which of these is the indicator of economic welfare and why?

Explanation

Nominal GDP means value of all goods and services at current prices produced in the accounting year within domestic territory of country.

Real GDP means money value of goods and services at year’s prices produced in accounting year within domestic territory of country.

Real GDP is good indicator of economic… (7 more words) …

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