Both 6 and 7 please
Dear Student
Answer to your question no. 7 is provided below:
Arise in GDP is not a true index of well being of society, because there are various things that are not comes under GDP but they are necessary for measuring well being of the society. Well being of society means happiness in society and all elements of this are not buy and sold in market so, they are not necessarily comes under calculation of GDP. for example a decline crime rate, it would improve standard of living but it doesn't comes under while calculating GDP.
For another query post in separate thread.
Regards
Answer to your question no. 7 is provided below:
Arise in GDP is not a true index of well being of society, because there are various things that are not comes under GDP but they are necessary for measuring well being of the society. Well being of society means happiness in society and all elements of this are not buy and sold in market so, they are not necessarily comes under calculation of GDP. for example a decline crime rate, it would improve standard of living but it doesn't comes under while calculating GDP.
For another query post in separate thread.
Regards