Macroeconomics - Chapter III (GDP as a Measure of Welfare)

Which of the following is most appropriate about GDP as a measure of welfare?

• GDP is the single best measure of welfare

• GDP is not used to measure welfare

• GDP have some limitations as a measure of welfare

• GDP is not at all a measure of welfare

Which of the following is not true about the limitations of GDP as a measure of welfare?

• Household productions are not included in GDP

• Health and life expectancy is not considered in GDP

• Leisure time is not measured in GDP

• Marketable transactions are not accounted in GDP

Activities which are purposely hidden from the view of the government in order to avoid taxes is known as __________.

• Underground Economic Activities

• Household Production

• Economic Activities

• All of the options

Which of the following is not included in GDP?

• Working time

• leisure time

From the following choose the country which have highest economic welfare.

• Country A, whose GDP is very large but distributed unequally among the people

• Country B, whose GDP is very large and distributed equally among the people

• Country C, whose GDP is less but distributed equally among the people

• Country D, whose GDP is less and distributed unequally among the people

Which of the following measure of welfare focuses on people and their capabilities to access the development and welfare of a country?

• Social Progress Index

• Gross Domestic Product

• Human Development Index

• Gross National Happiness Index

What is not a criterion used to measure welfare in HDI?

• Education

• Opportunity

• Standard of living

• Health and life expectancy

Gross National Happiness Index is developed in __________.

• India

• Bhutan

• Nepal

• Oman

Holistic and psychology based approach to measure social welfare is __________.

• HDI

• GDP

• SPI

• GNHI

As per Social Progress Index, safety is a __________.

• Basic human need

• Foundations of well-being

• Opportunity

• Socio-economic factor