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?

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Production And Growth

Section: Chapter Questions

Problem 5CQQ

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