Importance of National Income Statistics
National Income Statistics has been widely used for the following purposes.
a) It represents a monetary measurement for total production in the country during a year.
b) Government requires such statistics for economic planning and development as well as for international assistance programmes.
c) Investors and business firms require the figures for marketing research purposes.
d) It can be used to measure economic performance as well as economic welfare (standard of living) of a country.
Use of GNP to Measure Standard of Living
Generally, a high GNP is taken to indicate that society is prosperous and hence is enjoying a high standard of living.
But GNP alone is hardly a good measure for living standards since it has severe limitations.
a) GNP does not indicate the distribution of output among individuals in the society. If most outputs are enjoyed by only a few rich people, then clearly the society as a whole is not better off.
b) If GNP figures include a large proportion of expenditure on military and space equipment, we cannot conclude that the country enjoys a high standard of living. Such expenditure clearly do not benefit consumers directly.
c) Standard of living depends on the extent of real income (purchasing power). Therefore, it is necessary to account for inflation and hence it would be more accurate to measure welfare by using real GNP.
d) As the size of the population affects the share of goods and services per person, it must also be taken into account when we measure standards of living. Hence real GNP per capita/per head should be used.
e) Other non-material measurements of living standard include :-
i. Life-expectancy
ii. Numbers of working hours
iii. Pollution levels
iv. Crime rates
Email based economics assignment help - homework help at TutorsGlobe
Are you searching economics tutor for help with National Income Application - Standard of Living questions? National Income Application - Standard of Living topic is not easier to learn without external help? We at www.tutorsglobe.com offer finest service of economics homework help and economics homework help. Live tutors are available for 24x7 hours helping students in their National Income Application - Standard of Living related problems. We provide step by step National Income Application - Standard of Living question's answers with 100% plagiarism free content. We prepare quality content and notes for National Income Application - Standard of Living topic under economics theory and study material. These are avail for subscribed users and they can get advantages anytime.
Why TutorsGlobe for homework help
Correlation and Regression tutorial all along with the key concepts of Product-Moment Correlation, Regression Analysis, Variance Interpretation, Interpreting the Correlation Coefficient and Calculation of the Correlation Coefficient
www.tutorsglobe.com offers t-accounts theory and concepts, t-accounts homework help, t-accounts assignment help, answering questions to prepare t-accounts and chart of account.
Reactions of Carboxylic Acids tutorial all along with the key concepts of Acidic Properties of Carboxylic Acids, Reactions due to Carboxyl Group, Reactions involving hydroxyl group, Reactions of Carboxyl group, Reaction Due to Akyl group, Reaction involving Salts of acids
tutorsglobe.com long run average cost curve assignment help-homework help by online cost and revenue tutors
Hire qualified tutor and secure notable grades with 24/7 support of Geometry Assignment Help service at budget-friendly prices.
Important Terms Used In Joint Product and By-Products - Split Off Point, Joint Costs - all costs acquired before or up to the split off point are known as joint costs or pre separation costs.
Respiration tutorial all along with the key concepts of Retrieving Glucose from other Molecules, Retrieval from Sucrose, Glycolysis, Potential Energy of Glucose, Breakdown of Glucose to Pyruvic Acid and The Krebs cycle
Later than the connections and rewinding are completed; it is significant that both the winding and the connections are checked for shorts, grounds, open circuits and accuracy of connections.
Theory and lecture notes of Standard Normal Probabilities all along with the key concepts of Standard normal probabilities, Computing Normal Probabilities and Finding z-scores from probabilities. Tutorsglobe offers homework help, assignment help and tutor’s assistance on Standard Normal Probabilities.
tutorsglobe.com albinism assignment help-homework help by online inborn errors of metabolism tutors
Reflex and Complex Behavior tutorial all along with the key concepts of Definition of Reflex, Complex Behavior Patterns, Animal and motivation, Bottom-up approaches vs. black-box approaches, Nervous systems of animals, Ethology, Kineses and taxes
tutorsglobe.com entomophily assignment help-homework help by online agents of pollination tutors
Theory and lecture notes of Elasticity in microeconomic theory all along with the key concepts of Plasticity in microeconomic theory, Types of price elasticity of demand, Elastic demand, Inelastic demand. Tutorsglobe offers homework help, assignment help and tutor’s assistance on Elasticity in microeconomic theory.
www.tutorsglobe.com offers fiscal policy assignment help, fiscal policy homework help, aims and effects of fiscal policy, limitation of fiscal policy.
Soil Taxonomy tutorial all along with the key concepts of Bases of Soil Classification, Diagnostic Surface Horizons, Subsurface Horizons, Classification Based on Soil Moisture Regime, Classification Based on Soil Temperature Regime
1943181
Questions Asked
3689
Tutors
1489577
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!