Answered: "In 2022, India's GDP was $3, 386.4…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 31P: Ethiopia has a GDP of 8 billion (measured in U.S. dollars) and a population of 55 million. Costa...

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"In 2022, India's GDP was $3, 386.4 billion whereas its GNP was $3, 370.15 billion". Why should India be cautious about
using Gross Domestic Product (GDP) as the primary measure of economic growth?
A. GDP does not account for the
value of services, only goods.
B. GDP provides an accurate reflection of income inequality.
C. GDP does not consider changes in a country's population.
D. GDP is unaffected by changes in government policies.

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