Identify the correctly matched items in Column A to that of Column B Column A 1 GDP of a countr...........

Introductory Macro Economics National Income Accounting

Identify the correctly matched items in Column A to that of Column B:

Column A:

1. GDP of a country 2. Underestimation of GDP 3. Base year 4. Economic Welfare

Column B

(a) Absolute measure of welfare (b) Non-monetary exchanges excluded (c) Year of current market prices (d) Mental satisfaction and peace

1-(a)

2-(b)

3-(c)

4-(d)

Explanation:

Option (2) is correct.
Explanation: Non-monetary exchanges refers to goods and services that are produced but not exchanged for cash. The value of these exchanges is often difficult to estimate and
therefore excluded from the national income estimates.

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