Question

Welfare definitions of economic are more relevant, comprehensive and scientific than wealth definitions.

• A. True
• B. False
• C. Partly true
• D. Partly false

Answer 1

Answer: (A)

True

Welfare-related definitions of Economics are more relevant, comprehensive and scientific than wealth-related definition because Welfare economics is the study of how the allocation of resources and goods affects social welfare. This relates directly to the study of economic efficiency and income distribution, as well as how they affect the overall well-being of people in the economy.