An article in the Wall Street Journal noted that many economists believe that GDP data for India are unreliable because "most enterprises are tiny and unregistered, and most workers are employed off the books. The government's infrequent surveys represent only a best guess of the value being added in back-alley workshops, outdoor markets and other cash-based corners of the economy."
1. What does the article mean by working "off the books"? Why might it be difficult for the government to measure the production of small, cash-based firms?
2. Why would the problems listed make it difficult for the Indian government to accurately measure GDP?
3. What problems can be caused for a government or for businesses in a country if the government cannot accurately measure GDP?
Answers: 3
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An article in the Wall Street Journal noted that many economists believe that GDP data for India are...
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