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INDICATORS OF GROWTH AND DEVELOPMENT — Economics STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceEconomicsINDICATORS OF GROWTH AND DEVELOPMENT2 Marks
Question
Explain any two limitations of National Income as an indicator.
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Answer

1. Difficulty in Calculation: Problems like double counting, self-consumption, and illegal income make it hard to get an accurate figure.
2. Population: If National Income increases but population increases faster, the standard of living might actually fall.

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