CUET Economics 2025 22 May Shift 1 PYQs

Which of the following are limitations of using GDP as a sole indicator of welfare?

A. Public park used for recreation activities.

B. It does not account for income equality.

C. It does not evaluate the value of unpaid household work.

D. It can be increased due to activities which may be harmful to the environment.

Choose the correct answer from the options given below:

When value of final goods and services are estimate at current price it is?

This is the index of prices of a given basket of commodities which are bought by the representative customer. Two years under consideration are kept – one is the base year, the other is the current year. First, the cost of purchase of a given basket of commodities in the base year is calculated. Then the cost of purchase of the same basket in the current year is calculated. Then we express the latter as a percentage of the former.

This index is called :

1. Customer Index Pricing
2. Consumer Index Pricing
3. Consumer Price Index
4. Customer Price Index