1. In spite of the limitations (shortcomings), why is the GDP used as a measure of national income as well as a measure of national economic well-being?
2. Is the GDP measure underestimating or overestimating national production and total income in the economy during various business cycles? Why?
3. What are the limitations of the GDP in measuring total output and national welfare? What products (services) are excluded from the GDP computation?
4. What are the impacts of the shortcomings of the GDP as a measure of the national product and national economic welfare (well-being)?