• In spite of the limitations (shortcomings), why is the GDP used as a measure of national income as well as a measure of national economic well-being?
• Is the GDP measure underestimating or overestimating national production and total income in the economy during various business cycles? Why?
• What are the limitations of the GDP in measuring total output and national welfare? What products (services) are excluded from the GDP computation?
• What are the impacts of the shortcomings of the GDP as a measure of the national product and national economic welfare (well-being)?