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Ans – c) Explanation:- Reduction in production reduces employment thus reducing welfare. On the other hand, a reduction in the production of junk food reduces health issues. thus increasing welfare.  

Ans – c) Explanation:- Petrol and diesel-driven vehicles raise welfare as it reduces the time of distance travel. At the same time, such vehicles spread air pollution that reduces the life of countries citizen

Ans – c) Explanation:- Real GDP = Nominal GDP/Price Index * 100

Ans – d) Explanation:- Welfare refers to the overall well-being of every citizen of a country. The overall GDP is the total of all residents of a country. But it does not show per-person income. It may be few people…

Ans – c) Explanation:- The income method considers income paid out the angle to factors against services rendered. Thus rent is a payment to factor who provides the land on rent for production.

Ans – b) Explanation:- The income method is concerned with 2nd phase of the Circular Flow of income. Where income generated in the 1st phase (production phase) is paid to out factors of production (Household). Thus Income method measures the…

Ans – c) Explanation:- The expenditure Method only considers the final expenditure by Household, Government, and Business