Multiple Choice Questions on Consider the following statements Unpaid household work is a privately provided public good This wor........... for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

Consider the following statements Unpaid household work is a privately provided public good This wor...........

Economic Affairs Growth and Indicators
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    Consider the following statements

    1. Unpaid household work is a privately provided public good.
    2. This work is accounted for while calculating GDP of the country.

    Select the correct statement.

    1 only

    Correct Answer

    2 only

    Incorrect Answer

    Both

    Incorrect Answer

    None

    Incorrect Answer
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    Explanation:

    Unpaid work is a privately produced public good which is critical for the sustenance of the mainstream economy. The household produces goods and services for its members.

    • GDP is a measure of the total production and consumption of the economy. It does not takes into account the household work.

    Hence only statement 1st is correct.

    By: Shubham Tiwari
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