Which of the following is a non-economic aspect of human welfare?
Answer and explanation
Correct answer: Mental peace
Human welfare has both economic and non-economic dimensions. Business profit, wage rates and export earnings are expressed through income, prices or market activity, so they are economic indicators. Mental peace is a quality-of-life condition that is not directly measured by a market price; therefore option C is the correct non-economic aspect of welfare.
Frequently asked questions
What is the correct answer to this question?
Mental peace
Why is this the correct answer?
Human welfare has both economic and non-economic dimensions. Business profit, wage rates and export earnings are expressed through income, prices or market activity, so they are economic indicators. Mental peace is a quality-of-life condition that is not directly measured by a market price; therefore option C is the correct non-economic aspect of 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.
