Question

explain how national income is estimated using expenditure approach in national income accounting . illuminate the limitations of GDP as a measure of Social welfare​

Answer 1

Answer:

Most of the limitations are due to the fact that in essence the concept is not supposed to measure well-being. As a result, GDP fails to account for non-market transactions, wealth distribution, the effects of externalities, and the types of goods or services that are being produced within the economy.

Explanation:

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