Question

How far can GDP be taken as an index of welfare

Answer 1

Answer:

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Answer 2

GDP refers to the gross domestic product.

Explanation:

1. GDP or gross domestic product is the sum total of all the goods and services produced in an economy in a financial year.
2. GDP only includes the value of the goods and services and do not include barter exchanges, charities, and other such transactions.
3. Moreover, it does not indicate important factors such as human development, the standard of life, hygiene and sanitation, etc.
4. Therefore, GDP is not a good index for measuring welfare. It can only measure availability of goods and services.