GDP per capita or any other National Income statistics cannot be used to measure living standards or
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Question:
GDP per capita or any other National Income statistics cannot be used to measure living standards or in comparing different countries, due to the number of deficiencies that it has. EXPLAIN how national income data is compiled? What deficiencies is this statement talking about? Why do Economists still use GDP per capital to compare or rank countries if there are such deficiencies?
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