Concept of National Income and Social Accounting-Three Measures of National Income [IEcoS (Economic Services) Economics Paper-2]: Questions 1 - 1 of 1

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Question number: 1

» Concept of National Income and Social Accounting » Three Measures of National Income

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Appeared in Year: 2011

Essay Question▾

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List three reasons for not regarding GDP as an appropriate measure of well-being?

Explanation

Gross Domestic Product (GDP) is defined as a measure of the total flow of goods and services produced by the economy over a specified period usually a year.

The following reason contributes to GDP not reflecting wellbeing of an economy:

  • Black money generation: Black money is not generated from the economic phenomenon only, but it has political, socia

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