Question
 Which of the following statements is/are correct?
1. GDP can both underestimate as well as overestimate the actual welfare of the economy. 2. The standard of living is all elements that affect peopleâs happiness, whether these elements are bought and sold in the market or not. 3. GNP can be the main item for the welfare of the economy Select the correct answer using the code given below:Solution
If we take GDP as a measure of the welfare of the economy we shall be overestimating or understating the actual welfare. GDP does not capture leisure, health, a cleaner environment, the possibilities created by new technology, or an increase in variety.
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