Homework Answers
Their are some drawbacks of using GDP:
1. It takes into account only market transactions and ignores all non-market transactions like services of a housewife etc. which also plays an important role in the growth of a country.
2. It ignores all the externalities. It does not take into account the negative and positive effects of producing goods and services.
3. It does not show the distribution of income. This means that there may be unequal distribution of income which may increase the income gap between rich and poor.
So, these are the drawbacks of using GDP.
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