1.

Explain 'non-monetary exchanges' as a limitation of using gross domestic product as an index of welfare of a country.

Answer»

SOLUTION :Non-monetary exchanges are not considered for the ESTIMATION of domestic income. These TRANSACTIONS such as domestic services rendered by HOUSE wife, KITCHEN gardening and a parent teaching her child. Thus, 'non-monetary exchanges' as a limitation of using gross domestic product as an index of welfare of a country.


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