These figures hide inequalities as they do not distribution of income or wealth
They can be manipulated by governments that want to appear poorer so as to collect more aid
They do not take into account subsistence production or informal economies that have a significant impact in less developed countries
By comparing all the figures to dollars, problems with exchange rate can distort figures
They ignore depreciation to the society in the production process
They are not true indicators of economic development due to the complexities of economic development
Dana05 answered the question on July 3, 2019 at 11:09
- State the advantages of Gross Domestic Product per capita and Gross National Product per capita (Solved)
State the advantages of Gross Domestic Product per capita and Gross National Product per capita
Date posted: July 3, 2019. Answers (1)
- Highlight the problems associated with using Gross Domestic Product and Gross National Product as indicators of economic development (Solved)
Highlight the problems associated with using Gross Domestic Product and Gross National Product as indicators of economic development
Date posted: July 3, 2019. Answers (1)
- Give the definition of net property returns from abroad(Solved)
Give the definition of net property returns from abroad
Date posted: July 3, 2019. Answers (1)
- Give the definition Purchasing Power Parity (Solved)
Give the definition Purchasing Power Parity
Date posted: July 3, 2019. Answers (1)
- How is the Gross Domestic Product deflator calculated?(Solved)
How is the Gross Domestic Product deflator calculated?
Date posted: July 3, 2019. Answers (1)
- Give the definition of Gross Domestic Product deflator (Solved)
Give the definition of Gross Domestic Product deflator
Date posted: July 3, 2019. Answers (1)
- What is a base year?(Solved)
What is a base year?
Date posted: July 3, 2019. Answers (1)
- Differentiate between nominal Gross Domestic Product and real Gross Domestic Product(Solved)
Differentiate between nominal Gross Domestic Product and real Gross Domestic Product
Date posted: July 3, 2019. Answers (1)
- Why is it important to adjust the Gross Domestic Product figure?(Solved)
Why is it important to adjust the Gross Domestic Product figure?
Date posted: July 3, 2019. Answers (1)
- Identify the three approaches in which a country can compute Gross Domestic Product (Solved)
Identify the three approaches in which a country can compute Gross Domestic Product
Date posted: July 3, 2019. Answers (1)
- Describe any three indicators of economic development (Solved)
Describe any three indicators of economic development
Date posted: July 3, 2019. Answers (1)
- Highlight the requirements for economic development to take place (Solved)
Highlight the requirements for economic development to take place
Date posted: July 3, 2019. Answers (1)
- What the objectives of economic development?(Solved)
What the objectives of economic development?
Date posted: July 3, 2019. Answers (1)
- Briefly explain any five differences between economic growth and economic development (Solved)
Briefly explain any five differences between economic growth and economic development
Date posted: July 3, 2019. Answers (1)
- Briefly discuss the factors that determine economic development (Solved)
Briefly discuss the factors that determine economic development
Date posted: July 3, 2019. Answers (1)
- Give the definition of economic development (Solved)
Give the definition of economic development
Date posted: July 3, 2019. Answers (1)
- Differentiate between economic expansion and economic shrinking (Solved)
Differentiate between economic expansion and economic shrinking
Date posted: July 3, 2019. Answers (1)
- Kenya is currently experiencing very high level of unemployment among the youth. Explain the causes of youth unemployment and discuss elaborately the policy measures that you...(Solved)
Kenya is currently experiencing very high level of unemployment among the youth. Explain the causes of youth unemployment and discuss elaborately the policy measures that you would adopt or recommend to government policy makers so as to deal decisively with this problem
Date posted: June 30, 2019. Answers (1)
- Outline limitations of quantity theory of money(Solved)
Outline limitations of quantity theory of money.
Date posted: May 17, 2019. Answers (1)
- Briefly outline Karl Marx's critique of the classical system and show why his prediction that the capitalist system was doomed to collapse did not materialize(Solved)
Briefly outline Karl Marx's critique of the classical system and show why his prediction that the capitalist system was doomed to collapse did not materialize.
Date posted: April 5, 2019. Answers (1)