(1) State the limitations of National Income as an indicator,
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Limitations of per capita income are : (i) A rise in per capita income is due to rise in prices and not due to increase in physical output, it is not a reliable index of economic development. (ii) National income rises but its distribution makes the rich richer and the poor poorer
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The three main limitations to national income accounting are: Errors in Measurement: Black Market and underground activities are not included when calculating GDP. This is because there is no way to accurately measure black market activity Another big measurement error is inflation.♥️
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