Question

What precaution should be taken while estimating the Gross Domestic Product?

Answer 1

Answer:

(i) Only final expenditure is to be taken into account to avoid error of double counting. (ii) Expenditure on second hand goods is not to be included. (iii) Expenditure on shares and bonds is not to be included. (iv) Expenditure on transfer payments (called transfer expenditure) is not to be included.

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