What may be included in non-economic welfare?
Answer and explanation
Correct answer: Social security and mental peace
Non-economic welfare includes valuable conditions that may not be bought or sold and may not have a directly measurable market price. Social security can provide protection and stability, while mental peace contributes to life satisfaction. Therefore, option C is correct. Market price, wages and business profit are monetary or economic measures, not complete examples of non-economic welfare.
Frequently asked questions
What is the correct answer to this question?
Social security and mental peace
Why is this the correct answer?
Non-economic welfare includes valuable conditions that may not be bought or sold and may not have a directly measurable market price. Social security can provide protection and stability, while mental peace contributes to life satisfaction. Therefore, option C is correct. Market price, wages and business profit are monetary or economic measures, not complete examples of non-economic welfare.
Which subject and chapter does this question cover?
This is a Class 11 Economics question. Chapter: National Income and Related Aggregates. Topic: GDP and Welfare.
