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What are the major problems in measuring national income?
The major problems in measuring national income:
a. Unreliable statistics data collection is costly and the figures collected via LDCS may be incomplete
b. Non-marketed output for example, subsistence farming does not result into an income so make no part of official NY figures.
c. Undeclared economic activity for example, Official GDP figures carry out the activities of shadow or informal economy (calculated as 76 percent of Nigerian GDP).
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