Say, in coming February, 2022 the Central Statistical Organisation comes out with its Income estimates, and according to the released numbers the growth in GDP over the year 2021 – 22 has been 8%. a) What are the possible practical problems in interpreting the 8% growth figure released in February? b) Under what circumstances can one say that the real incomes have gone up by 8%? c) Can one say that the standards of living in the last year have improved by 8%? Under what condition one can say that?
Say, in coming February, 2022 the Central Statistical Organisation comes out with its Income estimates, and according to the released numbers the growth in GDP over the year 2021 – 22 has been 8%. a) What are the possible practical problems in interpreting the 8% growth figure released in February? b) Under what circumstances can one say that the real incomes have gone up by 8%? c) Can one say that the standards of living in the last year have improved by 8%? Under what condition one can say that?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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