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Though Gross Domestic Product (GDP) is often used as an indicator of economic welfare, it is not a comprehensive indicator of welfare. Elaborate.

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Though Gross Domestic Product (GDP) is often used as an indicator of economic welfare, it is not a comprehensive indicator of welfare. Elaborate.

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GDP deflator = Current year GDP / Base year GDP x 100

= 1800/1200 x 100 = 1.5 x 100

= 1.5 (in percentage terms 150)

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