Which of the following is an example of non-economic welfare?
Answer and explanation
Correct answer: Family security
Non-economic welfare refers to aspects of well-being that are not directly measured through money or market transactions. Family security provides emotional support, safety and stability, although it has no direct market price. Therefore, option C is correct. Business profit, wage income and market price are monetary or market-related concepts, so they represent economic measures rather than non-economic welfare.
Frequently asked questions
What is the correct answer to this question?
Family security
Why is this the correct answer?
Non-economic welfare refers to aspects of well-being that are not directly measured through money or market transactions. Family security provides emotional support, safety and stability, although it has no direct market price. Therefore, option C is correct. Business profit, wage income and market price are monetary or market-related concepts, so they represent economic measures rather than 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.
