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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).
What is the difference between real and nominal Gross Domestic Product? National Income consists of a price and a quantity element. When the price level doubled along with simi
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explain four major managerial factors that affect diseconomies of scale
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