GDP and Welfare

Economics ⇒ National Income and Related Aggregates

GDP and Welfare starts at 12 and continues till grade 12. QuestionsToday has an evolving set of questions to continuously challenge students so that their knowledge grows in GDP and Welfare. How you perform is determined by your score and the time you take. When you play a quiz, your answers are evaluated in concept instead of actual words and definitions used.

See sample questions for grade 12

Describe how environmental degradation can lead to a rise in GDP but a fall in welfare.

Describe the impact of black economy on the measurement of GDP and welfare.

Explain any two limitations of GDP as an indicator of welfare.

Explain the difference between economic growth and economic welfare.

Explain the difference between GDP at market prices and GDP at factor cost.

Explain the term 'externalities' in the context of GDP and welfare.

Explain why GDP may rise even if the welfare of the people does not improve.

Explain why GDP per capita is considered a better measure of welfare than GDP.

GDP includes the value of which of the following? (1) Final goods and services (2) Intermediate goods (3) Illegal goods (4) Non-market activities

Which of the following is a better indicator of economic welfare? (1) GDP (2) GDP per capita (3) National Income (4) None of these

Which of the following is a limitation of using GDP as a measure of welfare? (1) It includes non-market activities (2) It ignores environmental degradation (3) It measures happiness (4) It considers income distribution

Which of the following is a non-monetary transaction not included in GDP? (1) Sale of a car (2) Housework by homemakers (3) Purchase of groceries (4) Payment for tuition

Fill in the blank: GDP at market prices does not account for ________ income distribution.

Fill in the blank: GDP does not account for the ________ of goods and services produced, only their value.

Fill in the blank: GDP does not consider ________ externalities, which can affect welfare negatively.

Fill in the blank: GDP does not consider the ________ of income among the population.

Does GDP account for the depletion of natural resources? Yes or No.

Does GDP include the value of goods produced by Indian citizens abroad? Yes or No.

Does GDP include the value of leisure? Yes or No.

Does GDP measure the happiness of a country’s citizens? Yes or No.