1. What are the limitations of the GDP in measuring total output and national welfare? What are the impacts of the shortcomings of the GDP as a measure of the national product and national welfare?

1. Discuss aspects of economic welfare ignored in GDP measurement. What products (goods and services) are excluded from the GDP computation?

1. What factors might contribute to a low growth rates in a country? Why might growth rates of developed countries be lower than those of developing countries?

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Limitations of GDP in Measuring Total Output and National Welfare 1 NonMarket Transactions GDP does not account for nonmarket transactions such as household work volunteer work and the informal econom... View the full answer