(a) Green plants provide food and oxygen to all other living organisms. If they disappear from the Earth, all other organisms will die due to starvation and lack of oxygen for respiration.
(b) No, it does not mean that photosynthesis is not taking place. During the day, carbon dioxide released by plants during respiration is used up for photosynthesis, and some of the oxygen released during photosynthesis is used for respiration by the plants. Release of oxygen is a sign that photosynthesis is occurring in plant.