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What is necessary to make GDP growth a more reliable welfare indicator?

Answer and explanation

Correct answer: Study of social and environmental indicators as well

GDP measures the value of market production, but welfare also depends on health, education, safety, equality, leisure, and environmental quality. Studying social and environmental indicators alongside GDP gives a multidimensional assessment. Therefore option A is correct. Prices, money supply, or imports may help analyse particular economic issues, but none alone measures overall welfare reliably.

Related tags

Multidimensional WelfareSocial IndicatorsEnvironmental IndicatorsGdp And WelfareNational Income And Related AggregatesEconomicsClass 11 Mcq

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