Question

Gdp do not give us a clear indication of economics welfare of a country defend or refute the given "statements" with given reason

Answer 1

Explanation:

Economists use gross domestic product to measure how quickly the economy is growing, but it doesn't tell us everything. GDP “measures the market value of the goods and services a nation produces.” ... When GDP is growing quickly, you often see more jobs, rising wages, and better profits for businesses

Answer 2

GDP is not an indicator of economic welfare of a country.

Explanation:

• GDP( Gross domestic product) represents the market value of goods and services produced within domestic territory of a country in monetary terms.
• It simply represents economic growth of country but does not represent the distribution of income and hence is not an indicator of economic welfare of a country.
• If GDP of a country is increasing it is still possible that the benefit of such growth remains confined to a limited group of people.
• Economic welfare exist when Per capita income increases, literacy rate, living standard, health facility etc improves.
• No doubt increase in GDP  will lead to economic welfare , but it does not give a clear picture of economic welfare.

Learn more:

GDP and economic welfare

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